After tZero canceled its ICO, their cryptocurrency got a big boost with $270 million investment from GSR Capital.
According to the press release, GSR will make further $30 million investment in tZero’s ICO giving a further boost to the startup.
tZero had earlier canceled its ICO launch as it received a lot of scrutiny from SEC. tZero which is owned by Overstock.com had decided to offer security token offering. With a giant like GSR Capital investing heavily in the company, a startup has got the funding to complete its goals.
GSR Capital’s investment in tZero ICO has given its cryptocurrency much needed boost. If the deal goes according to the plan, this will be the most significant investment that a blockchain startup has received. Stocks of tZero got a big boost of 20 percent ever since the report of investment came out. According to the deal, GSR Capital will purchase 3.1 million shares of Overstock. Price of this purchase will be about $104.55 million. GSR will get 5 percent discount for the purchase. With this purchase, GSR will get 18 percent stake in tZero’s equity. Valuation of tZero after this investment is reportedly to be $1.5 billion. The transaction is official to be done by 15th of December.
$50 Was Invested In tZero ICO
tZero was in the news when its ICO lasted for more than three months with cryptocurrency sale collecting $50 million for the company. The ICO which started on 27th January was active till 30th March. Later on, it received a lot of flak from SEC because of which startup canceled its ICO plans. The company later decided to offer STO to gain the trust of investors.
According to a report published in BTC Manager, this is GSR’s first investment in Blockchain startup. This investment is certainly going to boost the interest of other big players in the technology. TZero is certainly a big beneficiary of this positive change in trend.
The post tZero Cancels ICO After Investment Of Price $270 Million From GSR Capital For cryptocurrency appeared first on OWLT Market.
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