Overstock CEO Patrick Byrne has confirmed that tZERO, a blockchain-based alternative trading system (ATS), will be issuing a utility toke that will ta
Overstock CEO Patrick Byrne has confirmed that tZERO, a blockchain-based alternative trading system (ATS), will be issuing a utility toke that will take place 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. All those things are going to take fuel to actually use them so what we are doing is pre selling the fuel. From what I am hearing, we are going to raise a fortune – $200-$500M easily.”, as he commented as quoted by International Business Times (ibtimes.com.uk).
Byrne expects that tZERO ICO could raise up to $200 million to $500 million, with a potential to break the record for token sale fundraising.
Last month, Overstock subsidiary tZERO has reportedly announced its collaborative work with Argon Group and RenGen LLC to lauch the first ICO exchange that is compliant with SEC and FINRA`s regulations, as cryptocoinnews.com reported.
“From what I am hearing, we are going to raise a fortune – $200-$500m easily”, as Byrne told International Business Times.
The fundraising record of $257 million is now held by decentralized cloud storage platform Filecoin. Filecoin raise this sum in September, as cryptocoinnews.com wrote.
It is to be seen whether tZERO will beat this record.