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Overstock CEO Patrick Byrne revealed details on the initial offer of coins for the SEC of tZERO – and symbolic exchange in accordance with the FINRA. Byrne expects the tZERO ICO to "raise a fortune" and potentially set a new record for symbolic fundraising.
The CEO of Overstock reveals tZERO ICO details
Last month, Overstock announced that tZERO – one of its blockchain holding companies – had entered into a joint venture with Argon Group and RenGen to develop the first US. Regulated Alternative Trading System (ATS) and platform that will be the support trade for security tokens. Shortly after, Byrne revealed that tZERO would fund the development of this platform with an ICO, a crowdsale that he predicted " raise a fortune " – 200 million to 500 million dollars "easily".
At Money 20/20, Byrne said the tZERO ICO – which will only be open to accredited investors – will run from November 15 to around December 31 and will be hosted on the platform of recently announced SAFT launch. As expected, tZERO will adopt the "security" classification, allowing the startup to incorporate both profit sharing and utility features into the token.
Specifically, Byrne explained that the token will entitle investors to a currently unspecified percentage of tZERO's quarterly earnings. In addition, platform users will receive a discount on trading fees if they choose to pay with the token instead of USD.
Byrne predicts that the launch of tZERO will represent the "spearhead" for institutional blockchain technologies and investments:
"Three years ago, I stood in front of an audience for the opening speech of Bitcoin 2014, in Amsterdam, and told the world that the # "Bitcoin's main event is not Bitcoin, it's the Blockchain, and it would change the world," Byrne said in a press release. "While many doubted, the tZERO team worked hard to be at the forefront of technology by creating and launching credible, capable and scalable blockchain technologies for crypto assets." Efforts arouse the interest of both the crypto community and the larger global institutional funds. "
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This year's Money 20/20 conference in Las Vegas served as a forum for several other important blockchain announcements aimed at attracting the support of institutional investors. As reported by CCN, Bloq – a start-up blockchain co-founded by SegWit2x developer Jeff Garzik – has announced that it is developing a crossblock cryptocurrency called Metronome that aims to stabilize the economy. cryptographic and make institutional firms less reluctant to engage ecosystem.
However, although Metronome has attracted a lot of attention from the media, many industry observers believe that the announcement by Patrick Byrne of key details on the # ICO tZERO will have even deeper implications. Chainstone Labs General Manager Bruce Fenton, for example, named the "Most Important Announcement to Money 20/20"