tZERO ICO Will Raise $500 Million Fortune
Overstock CEO Patrick Byrne verified that SEC-compliant token exchange and marketplace tZERO will hold a initial coin offering (ICO) from Thanksgiving. Byrne predicts that the tZERO ICO can “easily” raise up to $200 million to $500 million, possibly breaking the record for token sale fundraising.
Last month, Overstock made waves by announcing that tZERO, one of the internet retailer’s blockchain subsidiaries, had entered into a joint venture with RenGen along with the Argon Group to create the first FINRA- and SEC-compliant ICO marketplace. Overstock’s share price soared following the statement, and Overstock CEO Patrick Byrne says his phone began ringing off the hook with people clamoring to spend upwards of $20 million at the tZERO ICO — that Overstock had not even formally announced.
Currently, Byrne has confirmed the rumors: there will be a tZERO ICO. Although the token exchange will comply with securities regulations, Byrne bills the platform’s native market as a utility coin that customers will use to cover access to the platform. He contrasts the token to gas fees users cover to run Ethereum smart contracts.
He advised the International Business Times that the tZERO ICO will start before Thanksgiving.
“So in about six weeks you will see us do an ICO token to use the exchange and our system will become live, handling ICOs,” he told the publication. “All [the platform’s services] are going to take fuel to actually use them so what we are doing is pre selling the fuel.”
Byrne — who’s been planning to launch a blockchain-based securities Market for Almost 3 years — Forecasts that the tZERO ICO Will “raise a fortune”:
“From what I am hearing, we are going to raise a fortune – $200-$500m easily,” he continued.
The present ICO fundraising record is $257 million, which has been set by decentralized cloud storage platform Filecoin in September. If tZERO’s utility token hits the upper end of Byrne’s prediction, it will shatter Filecoin’s album — and potentially even double it — signaling to Wall Street and Main Street alike which ICOs are here to remain.