tZero sold tokens for another $ 134 million.

[Paha87]

TZero company, subsidiary overstock.com, raised $ 134 million through the sale of its security tokens.

The announcement, which was presented as part of the second quarter's report, was paired with separate disclosure that the company, based in Hong Kong, GSR Capital has agreed to invest up to $ 400 million in both tZero and Overstock. This week, tZero said it had completed the sale of its tokens, although the firm had originally set a goal of raising $ 250 million.

Overstock CEO Patrick Byrne reiterated a previous statement that tZero received $ 100 million funding when The company first opened its token sale, adding:

"We did our best and eventually we went to Asia. The first three people we met said, "we're investing $ 60 million," but it was very difficult to get money from Asia for various reasons. That's what slowed us down so much."

In particular, the deal suggests that GSR will purchase tZero tokens for up to $ 270 million, and invest up to $ 104 million in Overstock shares. According to the report, GSR has agreed to buy the tZero tokens owned by Overstock, worth $ 30 million.

According to a press release, Overstock first announced GSR's intention to purchase tokens in June 2018. At the time, Overstock said GSR would invest $ 160 million in tZero tokens. The company said it completed its sale by "increasing the total amount of $ 134 million," adding that "this amount includes $ 30 million in debt repayment between tZero and Overstock."

GSR buys the same tokens from Overstock that Overstock bought from tZero as part of the "redemption agreement," a press release on Thursday said. CEO Patrick Byrne said that funding will help support the efforts of tZero, especially when accounting for the amount funded by GSR.

"When GSR completes its planned investment, we should have over half a billion dollars," Birn wrote in a statement Thursday. "We believe this will provide sufficient capitalization to create a company capable of promoting global capital markets."

Link to the source of information (Russian) - https://altstake.io/news/tzero-prodal-tokeny-esche-na--134-mln

[Elevteros]

If the project is worth it, then it will certainly attract the capital necessary for it, apparently the project is good if they invested so much!