Overstock CEO Patrick Byrne confirmed that SEC-compliant token exchange and marketplace tZERO will hold an initial coin offering (ICO) by Thanksgiving. Byrne predicts the tZERO ICO could “easily” raise as much as $200 million to $500 million, potentially breaking the record for token sale fundraising.
Last month, Overstock made waves by announcing that tZERO, one of the online retailer’s blockchain subsidiaries, had entered into a joint venture with RenGen and the Argon Group to develop the first FINRA- and SEC-compliant ICO marketplace. Overstock’s share price soared following the announcement, and Overstock CEO Patrick Byrne says his phone began ringing off the hook with people clamoring to invest upwards of $20 million in the tZERO ICO — which Overstock had not even officially announced.
Now, Byrne has confirmed the rumors: there will be a tZERO ICO. Although the token exchange will comply with securities regulations, Byrne bills the platform’s native token as a utility coin that customers will use to pay for access to the platform. He compares the token to gas fees users pay to run Ethereum smart contracts.
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