Real-time
crypto news

tZero to Receive Largest Recorded Investment for Blockchain Startup

Published 1 year ago by Amelia Trapp

tZero to Receive Largest Recorded Investment for Blockchain Startup

BitcoinNews via bitcoinnews.com

Chinese private equity firm GSR Capital has confirmed it signed a letter of intent to invest USD 270 million in blockchain startup up tZero, making it the largest recorded investment to such a company, according to Forbes. The USD 270 million investment came with an 18% stake in tZero, a platform for trading blockchain-issued securities, with GSR confirming it will spend another USD 104.55 million for approximately 10% of the platform’s parent company Overstock’s shares. Additionally, the private equity firm has pledged another USD 30 million in tZero’s initial coin offering (ICO).

This funding would bring the aggregate investment past USD 404 million, pushing tZero’s company valuation to USD 1.5 billion, surpassing its parent Overstock.com (USD 1.07 billion) despite the flagship product not even having been launched yet. Sonny Wu, GSR Capital’s chairman and founder, told Forbes that his company has a long-term view on scaling the platform globally. This investment is GSR Capital’s first public blockchain venture, with its previous history focused on electric vehicles and clean energy.

tZero executive chairman and CEO of Overstock.com, Patrick Byrne, said that the money would be used to open more tokenized securities exchanges internationally for uses such as his SEC-licensed US platform. Hitting into US economics harder, Byrne said that he started the venture to undo what he called the ”original sin” of Wall Street – separating the trade of a stock and its settlement. Instead, he believes that the significant investments to tZero show that the tides are turning on traditional Wall Street practices. Coin spectator is an automated news aggregation service. All copyrights belong to their respective owners. Images and text owned by copyright holders are used in reference to and promotion of those respective parties. Read in Full

PR: Bitcoin PR Buzz Announces Free Consultations for Blockchain Companies

Bitcoin Press Release: The original Bitcoin PR agency in the industry, Bitcoin PR Buzz is providing a free one hour PR strategy consultation for blockchain companies to expand their reach and influenc ... Read More

CoinSpectator: Top-Rated Cryptocurrency and Blockchain News Aggregator

CoinSpectator is a leading crypto and blockchain news aggregator on the internet, providing the full spectrum of blockchain, cryptocurrency, and Bitcoin news pulled from hundreds of different sources ... Read More

Singapore VC Firm to Launch $10 Million Crypto Fund, Follows Blockchain Investment Trend

Singapore-based Venture Capital firm Golden Gate Ventures is to launch a $10 million fund targetting crypto and blockchain start-ups that use innovative DLT, in what appears to be a growing investment ... Read More

Survey: 50% of Americans Would Give Bitcoin a Try

A poll by analytics firm Harris Insights and cryptocurrency startup Gem has come up with some interesting results, one of which indicates that out of 2000 who participated in the survey,  50% of Ameri ... Read More

African Crypto Movement Learns from Past to Push Forward

The popularity of Bitcoin in Africa continues to grow, enabled by the presence of a greater number of cryptocurrency exchange platforms. There are benefits to cryptocurrency ownership unique to the co ... Read More