Overstock, tZERO and GSR Capital announced a tripartite agreement

According to a press release published on June 29, Overstock.com, a subsidiary of tZERO and investment firm GSR Capital have signed a statement of intent to sell the tZERO Security Token.

According to reports, Beijing-based GSR Capital will buy $160 million in tZERO tokens at a price of $10,000 per token in accordance with a convertible loan agreement (Simple Agreement for Future Equity - SAFE). The initial offering of tZERO coins has been extended until August 6, 2018. According to the company, more than 1,000 people from 30 countries took part in the token sale. Overstock founder and CEO Patrick Byrne commented on the deal:

“Many years ago, we recognized the tremendous potential of blockchain technology, and since then, we have been building a company that helps bring greater efficiency and transparency to capital markets both domestically and internationally.”

Security Tokens are a bridge between the traditional financial sector and blockchain technology. These tokens are backed by real assets. At the beginning of April, tZERO presented a prototype of their trading platform for security tokens. According to the developers, the platform will be “simple, convenient and secure”, it will include functions for risk management, order management and others.

After the ICO tZERO came under close attention of the Securities and Exchange Commission (SEC) in March of this year, Overstock shares have dropped significantly in price. The SEC report stated that the ICO was launched in December 2017. More than a thousand investors invested almost $100.6 million, and that the maximum supply of tokens was $250 million. Long before this, Overstock filed to be regulated under D and S standards, rather than the same standards that govern traditional securities. This means that US citizens must be registered investors in order to invest in their ICO.

According to cointelegraph.com