At almost the closing of tZERO’s security offering, it was reported that a significant investment of up to $270 million from GSR capital has been made. But the recent clarification from Overstock CEO and tZERO chairman Patrick Byrne has cleared the air that the investment is yet to be completed. Patrick Byrne further stated that both tZERO and GSR are continuous talks to carry on with the strategic investment.
Below is the short snippet of the statement released by Byrne for the investors:
“The previously-announced GSR equity investment in Overstock and tZERO has not been completed. However, we remain in discussions with GSR Capital and Makara Capital, a key partner of GSR Capital, regarding a potential transaction. Both have recently signed an MOU with tZERO outlining a transaction in which Makara and GSR would co-lead an investment of up to $100 million in tZERO common stock and close the transaction in April subject to due diligence, negotiation of binding contracts and regulatory approval. The investors would also assist with tZERO’s expansion in Asia and other regions of the world and link them with other key partners from their portfolios.”
He further stated that following the successful launch of tZERO’s new security token trading platform, they are quite excited by the emerging partnerships and business opportunities that are lined up in front of them. More information about the Overstock’s retail and blockchain properties will be shared with the community in the upcoming 2018 FY Earnings report.
Previously in February, tZERO announced partnership with New York-based institutional brokerage firm Dinosaur in order to provide brokerage accounts for investors seeking to trade tZERO’s digital security tokens.