Overstock.com (NASDAQ:OSTK) property tZERO announces that it opened its global $250M initial coin offering to accredited investors.
The company says the Overstock tZERO will enter into agreements with strategic purchasers identified as accredited investors.
Overstock CEO Patrick Byrne said: “Overstock tZERO is proud to be the market-leading enterprise embracing the cryptorevolution. Recognizing the blockchain technology-driven transformation and disruption already underway across numerous industries, Overstock today opens the tZERO ICO. Beginning with the ‘pre-sale’ round, I am confident that prominent investors from around the globe will propel tZERO toward achieving its mission of bringing greater efficiency and transparency to capital markets.”
tZERO CEO Joe Cammarata added: “For the last two years it has been exciting to continuously innovate and disrupt a financial market ecosystem that is ripe for improvement. With this first ever regulated security token, we are entering a new world of capital formation that I believe will become Wall Street 2.0.”
Steven Nerayoff, Alchemist Founder and architect of the Ethereum ICO, amongst others, said: “tZERO’s ICO represents a watershed moment in the financial blockchain revolution. It’s backed by an all-star team of crypto and business pioneers. What makes tZERO a game changer is the team’s unique ability to fuse the traditional finance world with the bold, innovative crypto community. Alchemist is delighted to offer tZERO its extensive experience in counseling some of the most successful crowdsales in history on strategy, token economics, and compliance-related guidance.”
Potential Future Token Utilities Token holders shall not be entitled to any utility functionality as part of the Token. Nevertheless, the Company expects the endeavor to provide certain additional benefits to holders of the Tokens in the future (the “Discretionary Benefits”). These will not be a part of the terms and conditions of the Tokens, but rather benefits voluntarily provided by the Company to Token holders. These Discretionary Benefits may be withdrawn or changed at any time in management’s discretion. These Discretionary Benefits may take many forms including, but not limited to:
- Discounts on certain products and services that the Company expects to offer in the future (including discounts on trading fees on a future Token Trading System;
- For Token holders purchasing 100 Tokens or more, complimentary first year membership in Overstock’s rewards program, Club O, where available (not currently available outside the U.S.); and
- Access to, and the degree of, any Discretionary Benefits, if offered, is expected to be determined by the quantity of Tokens the holder possesses. All matters relating to the terms of any Discretionary Benefits will be decided solely by the Board. Furthermore, the terms of any Discretionary Benefits will be subject to amendment by the Board at any time.
There can be no assurance that Overstock tZERO will ever offer any Discretionary Benefits.