Overstock Blockchain Unit Raises $ 5 Million Through Sale of Shares to Hong Kong Investor

Security token trading platform tZERO received $5 million through the sale of its shares in favor of a venture capital firmfrom Hong Kong GoldenSand Capital (formerly GSR Capital). This is stated in a press release.

The transaction became part of the investor’s obligations$ 400 million funded by tZero and its parent company Overstock. Last May, GoldenSand Capital transferred the first tranche of $ 5 million. In August 2018, the platform raised $ 134 million as part of a regulated token sale with a target level of $ 250 million.

“We plan to continue cooperation with tZERO and will support the creation of the next generation platform with tokenization, trade and calculation of security tokens”“, Said Sonny Wu, chairman of the board of GoldenSand Capital.

TZERO did not disclose the use of the funds received.

Since its founding in 2015, tZERO has expanded its business through the acquisition of competing platforms and the creation of new ones.

At the beginning of the year brokerage and dealership was launched.tZERO Markets platform. Joint with the operator of the Boston options exchange BOX Digital, the security platform BSTX tokens is waiting for the approval of the launch application from SEC.

Prior to this, in August 2015, tZero also acquired SpeedRoute brokerage company and offered traders tokenized tokens based on bitcoin.

Recall that in March, the SEC expanded its investigation into the tZero token sale. It is worth recalling that the SEC has been pursuing the company since 2018.