NEW YORK--(BUSINESS WIRE)--tZERO, the global leader in blockchain innovation for capital markets, today announced the signing of a letter of intent (LOI) with GSR Capital (GSR), a private equity firm organized under the laws of Hong Kong, to participate in tZERO’s Security Token Offering (STO). In accordance with the LOI, GSR will purchase U.S. $160 million in tZERO Security Tokens pursuant to the Simple Agreement for Future Equity (SAFE). The purchase price per Security Token will be $10.00. To accommodate the investment from GSR, tZERO’s STO has been extended to August 6, 2018.
As of June 28, 2018, tZERO has entered into executed SAFEs in excess of $168 million for Security Tokens, of which over $95 million has been already funded. Approximately 1,000 people from 30 countries participated in the token sale, making it one of the most widely held security tokens globally. tZERO will continue to accept investments in the STO on a first-come, first-served basis until the August 6 expiration of the STO.
tZERO CEO Saum Noursalehi said, “We are overwhelmed by the support we have received from all of our investors, and thrilled to have GSR on our team as we seek to launch the world’s first security token exchange. This investment from GSR further validates tZERO’s strategy to introduce blockchain to capital markets, and this partnership will accelerate our global expansion efforts.”
tZERO Executive Chairman Patrick M. Byrne (who is also the CEO and Founder of tZERO parent company Overstock.com) said, “I want to thank our strategic investors again for their continued support, as well as the tZERO team for their ingenuity in making a preferred equity security token possible. Years ago we saw the world-shaking potential of blockchain, and since then we have been methodical in building tZERO into a company that will bring great efficiency and transparency to capital markets domestically and abroad. I truly believe what we are doing is historic and, while there is still much to be done, our success in this STO has given us the resources we need to see it through.”
Proceeds from the tZERO Security Token sale will be used, among other things, to build out securities trading functionalities supporting the recently-announced joint venture with BOX digital Markets to launch the industry’s first regulated security token exchange. Additionally, funds will be used to bolster the human capital and talented team at tZERO and allow for further international expansion in the future.
For more information on tZERO, please visit: tZERO.com.
t0.com, Inc. (“tZERO“) is a majority owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology.
About GSR Capital
GSR was founded in 2004 by Sonny Wu and Richard Lim. Today, “GSR Ventures”, “GSR United Capital” and “GSR Capital” are three independent yet complementary teams set up by the partners in 2016 with the aim of sector leadership and going global with unique investment strategies and resources. GSR Capital has offices in Beijing, Hong Kong and the USA.
This Press Release contains forward-looking statements, including statements relating to tZERO’s business. Other statements in this press release that include words such as “anticipate,” “may,” “believe,” “could,” “should,” “estimate,” “expect,” “intend,” “plan,” “predict,” “potential,” “forecasts,” “project,” and other similar expressions, also are forward-looking statements. Forward-looking statements are made based upon management’s current expectations and beliefs concerning future developments and their potential effects on tZERO. Such forward-looking statements are not guarantees of future performance. Various factors could affect tZERO’s actual results and could cause such results to differ materially from estimates or expectations reflected in forward-looking statements, including factors relating to legal and regulatory developments, applications and/or interpretations of existing legal and regulatory requirements, technological developments and/or difficulties, general economic conditions, conditions in the capital markets and cryptocurrency markets, changes in investor confidence regarding tZERO’s ability to successfully operate its business and develop a trading system for security tokens, and other important factors. tZERO expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statement contained herein to reflect any change in its expectation with regard thereto or any change in events, conditions, or circumstances on which any such statement is based.
This press release is neither an offer to sell, nor a solicitation of an offer to buy, any securities, nor shall there be any sale of any securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.