tZERO, the distributed ledger platform, and cryptocurrency launched by Overstock, the American Internet retailer, raised $5 million in equity investment from GoldenSand Capital, the Hong Kong equity firm.
Overstock’s Blockchain Arm tZERO Gets $5 Million in Equity Raise https://t.co/41FjpCY1UR @HyperRTs pic.twitter.com/szTj2ijVbk — Bitcoin Bias (@BTCbias) April 22, 2020
Sonny Wu, the Chairman of GoldenSand Capital, said:
“We plan to continue to collaborate with tZERO on strategic opportunities and are interested in partnering our wealth of industry connections across Asia with tZERO’s tokenization protocol technology.”
It has been reported that there was no mention from tZERO as to how the company plans to utilize the proceeds from GoldenSand Capital.
However, in their statements, Jonathan Johnson, the CEO of Overstock and Saum Noursalehi, the CEO of tZERO, said that the latest investment from GoldenSand Capital further validates tZERO’s vision of implementing blockchain technology in capital markets.
Also, it has been analyzed that tZERO is heading at full pace towards attaining its 2020 goals. In a letter sent to its investors in January, they announced that the company’s most important objective in 2020 is to launch a broker-dealer platform by June.
Likewise, tZERO along with Box Digital Markets is working on a security token exchange dubbed Boston Security Token Exchange (BSTX).
Thus, according to the latest report, the exchange is still in the process of getting approval from the Securities and Exchange Commission (SEC), as the SEC said in its letter to the parent companies that they require more time to analyze whether BSTX will be compliant with all regulatory requirements under the US Securities Exchange Act of 1934.
Source: Cointelegraph | Image: Pixabay