Categories: ICO

Overstock’s tZero Wraps Up Months-Long Token Sale

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Overstock.com's token platform subsidiary tZero is officially ending its security token offering (STO) on Monday night.

TZero announced that its STO would end at 11:59 p.m. Eastern Daylight Time, or 03:59 UTC. Further, the platform said "there will not be further extensions," according to statements.

The statement added that "investors with fully executed Simple Agreements of Future Equity (SAFEs) have until 5 PM (EDT) Wednesday, August 8 to remit funds to tZero. The company plans to report on the results of the STO this coming Thursday, August 9, 2018, during Overstock's earnings call."

It was not immediately clear how much tZero raised during the round. A spokesperson for tZero declined to provide additional details when reached, telling CoinDesk "results will be announced during Overstock's earnings call on Thursday."

The STO was originally announced as a more traditional initial coin offering (ICO) late last year, almost immediately seeing some 2,000 investors and $100 million committed to the platform, according to Overstock.com founder Patrick Byrne.

The startup later claimed that it raised $100 million as part of its token presale, which ended in March and preceded the rest of the STO, as previously reported by CoinDesk.

Overall, the firm had planned to raise as much as $250 million through the sale.

Abacus image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.

TZero announced that its STO would end at 11:59 p.m. Eastern Daylight Time, or […]

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