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Overstock’s blockchain wing tZERO raises $5M via equity stake sale
tZERO, the blockchain subsidiary of online retailer Overstock.com, has raised $5 million via an equity stake sale.
Announcing the news on Tuesday, tZERO said Hong Kong-based private equity firm GoldenSand Capital (formerly known as GSR Capital) has bought the stake.
“tZERO is building the next generation capital markets platform, capable of tokenizing, trading and settling digital securities, and we are pleased to be joining them to further build this capability,” said Sonny Wu, chairman of GoldenSand Capital.
It is not clear how specifically tZERO plans to utilize the fresh capital. The Block has reached out to the firm and will update this story should we hear back.
In August 2018, tZERO raised a hefty sum of $134 million via a security token offering (STO), though the firm originally had set a goal of raising $250 million. At the time, GSR Capital had agreed to invest as much as $400 million in both tZERO and Overstock.
“We plan to continue to collaborate with tZERO on strategic opportunities and are interested in partnering our wealth of industry connections across Asia with tZERO’s tokenization protocol technology,” Wu said in Tuesday’s announcement.
tZERO is also preparing to launch a security token exchange called Boston Security Token Exchange (BSTX) - via a joint venture with BOX Digital. The U.S. Securities and Exchange Commission (SEC), however, delayed the decision of approving or disapproving BSTX earlier this month due to some legal and policy issues.
