Tuesday, 23 Jul 2019
Business Headlines

Overstock’s tZero Ends Its Security Token Offering

tZero, the token platform subsidiary of Overstock.com, is formally concluding its STO (security token offering). In addition to this, the platform claimed that there will not be additional expansion, as per its interview with the media. The interview claimed that investors with completely executed SAFEs (Simple Agreements of Future Equity) have a deadline till this week to send funds to tZero. The firm aims to report the outcomes of the STO this week during the earnings call.

Overstock's tZero Ends Its Security Token Offering

It was not instantaneously clear how much tZero lifted at the time of funding. A tZero spokesperson refused to offer extra information. He claimed to the media that results will be declared during earnings call of Overstock this week.

The STO was initially declared as a more conventional ICO (initial coin offering) late in 2017, almost instantly seeing $100 Million and some 2,000 investors pledged to the platform, as per Patrick Byrne, founder at Overstock.com.

On a related note, the company last month declared its entry into the real estate industry with its roll out of Houserie, the freshly-remodeled property management website. The website offers property managers and landlords a series of services for administrating multi-home complexes or single-home properties comprising: organization of resident information; communication with renters; potential tenant screening; and rent payment management.

Houserie was established in May 2013 and was bought by Overstock.com in February this year. The property management website launch marks the 1st stage of O Real Estate initiatives by Overstock.com aimed on employing its enhanced search tech to assist clients with real estate requirements. O Real Estate will support tenants and landlords by offering a portal for buying, renting, and managing property. The O Real Estate website is planned to roll out in September 2018, as per the media sources and industry insiders.

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