The initial phase of the initial placement of coins (ICO) “daughter” of the online retailer Overstock tZERO (t0) in a record time attracted a lot of investors. On the first day of the campaign, the size of the site financing reached $ 100 million, Executive Director Patrick Bern told CoinDesk.
“Yesterday we registered about 2000 accredited investors, and the process went. And this morning we woke up and found that we had already collected more than $ 100 million. It is possible that we will shorten the time,” Bern said.
Recall, during the presale tZERO program investors are offered “Simple agreements for future assets” (SAFE), which can be exchanged for tokens.
In total, the campaign was planned to be divided into two stages, each of which will last for a month: presale for strategic investors is limited to $ 100 million, and the remaining $ 150 will be opened for other accredited participants. Thus, the original two-month program can now be reduced.
tZERO is an alternative trading system that meets all the requirements of the Securities and Exchange Commission (SEC). The project is based on Medici blockchain, developed by Overstock from 2014.
In connection with the legal restrictions and SEC rules for open proposals, Patrick Bern added that he can not disclose which bonuses will be given to investors. He noted that the biggest “bonus coupons” accounted for the first $ 10 million of sales, then – up to $ 100 million. There are three levels of incentives.