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Overstock.com launches initial coin offering for block chain trading platform

Riding a boom in initial coin offerings, online retailer Overstock.com Inc. today launched its own.

The “tZERO Security Token Sale,” slated to raise $250 million, is being pitched as a way for Overstock.com to develop a platform that “integrates cryptographically secure distributed ledgers with existing market processes to reduce settlement time and costs, increase transparency, efficiency and audit ability.” The tokens issued in the ICO are security-based, issued pursuant to a comprehensive offering memorandum as opposed to being linked to a white-paper proposal. It’s limited strictly to accredited investors in order to comply with securities laws.

Overstock.com launches initial coin

Overstock.com’s entry into the ICO market isn’t a great surprise. The company has long been at the forefront of block chain-related development. The company built a “bit coin-like” stock exchange in 2014 before becoming the first to issue bonds on the same platform in 2015. A year later, Overstock.com made plans to open its block chain platform to the public.

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