Ricardo Esteves has seen business and economics through many lenses. He joined the Financial Services Industry in 2009, and has been a financial journalist since 2011. He holds a degree in Business Administration and has experience producing real-time news, from both buy-side and sell-side, as well as for retail traders, brokers and service providers. Esteves' work has appeared in a variety of online publications including FX Street and FinanceFeeds.
tZERO, Overstock.com’s financial technology subsidiary, announced that its first-ever preferred equity security token sale, open for subscription on Dec. 18, has attracted overwhelming cryptocurrency and traditional institutional interest, reaching over $100 million USD in commitments from investors in the first 12 hours. Over 10,000 subscribers registered for accreditation verification through Saftlaunch.com ahead of the token sale.
tZERO is an alternative trading system (ATS) or dark pool registered with the Securities and Exchange Commission (SEC) that aims to provide an alternative trading environment for market participants based on blockchain.
The tZERO security token is properly issued as a security, which requires heightened regulatory, tax and compliance measures that must be diligently and meticulously completed.
What makes tZERO security token different from any other ICO utility tokens issued by startups with no functional business is that the tZERO security token is being issued pursuant to a comprehensive offering memorandum, rather than with a traditional white paper.
The features of the tZERO security token are those of a preferred equity security, including a token dividend paid of Adjusted Gross Revenue of tZERO. Additionally, the company intends to provide tZERO token holders discounts for trading on its ATS and additional rewards and discounted services across the Overstock portfolio of companies.
Joe Cammarata, President of tZERO, said: “Yesterday Overstock and tZERO made history once again in launching the first-of its-kind preferred equity security token. This is a massive collaborative effort of our team and our advisors (including Alchemist, and RenGen) along with our outstanding legal, tax and compliance teams. We have received overwhelming interest from subscribers and are registering over 200 per hour, and in an abundance of caution to ensure the presale is conducted right, we experienced some minor delays.”
“Today I am proud to announce that in under 12 hours, we have received commitments from accredited investors for over $100 million USD. We are working with world class institutions as well as some of the world’s most sophisticated cryptocurrency investors, who demand excellence and this is what we are delivering. We expect accreditation verification to continue. Verified investors will receive their documents and SAFE agreements as the allocations are completed”, Cammarata added.
The token pre-sale is expected to be oversubscribed shortly and a significant portion of the tZERO security tokens issued will be available to accredited investors in the public sale beginning in January, 2018.
Overstock, a US-based internet retailer based in Utah and headed by Patrick Byrne, was the first major retailer to accept Bitcoin as a payment method, back in 2014.
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