Overstock is a tech-driven, billion dollar online retailer based in Salt Lake City, U.S., founded and run by Patrick Byrne.
Byrne had this to say, regarding the news of GSR’s heavy investment in tZero:
“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 [security token offering] has given us the resources we need to see it through.”
Byrne isn’t alone in his faith in blockchain generally and tZero specifically...
"The tokenization of everything"
Many of blockchain’s biggest names are placing a lot of faith in tZero’s platform, with some claiming it will become a central hub and facilitator of ‘the tokenization of everything’.
Evidently, GSR wants a piece of the pie, so to speak, and has indicated its intention to invest heavily in the innovative ‘modular, adaptable platform’.
The ERC20 tokens being sold during tZero’s ICO (initial coin offering) do not represent company equity and grant holders no voting rights.
However, they do entitle investors to a share in the dividends and, if certain vocal blockchain visionaries are to be believed, this could prove lucrative a few years down the line.
$328 million and counting...
It seems GSR paid the same rate as everyone else for the tokens which is unusual; often when big-time firms invest heavily into ICOs, they are able to negotiate a discounted rate or special benefits.
GSR’s investment brings tZero’s total up to $328 million, far exceeding the crypto exchange’s original hard cap of a mere $250 million.
Regardless, tZero has announced that it is extending the duration of its token sale to early August.