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Overstock's Regulated Token Exchange Will Launch with Own ICO
Retail giant Overstock.com is to launch its new regulated token exchange with its own initial coin offering (ICO), according to a news report.
Updated Sep 13, 2021, 7:01 a.m. Published Oct 9, 2017, 3:00 p.m.
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Retail giant Overstock.com is to launch its new regulated token exchange with its own initial coin offering (ICO), according to a news report.
The token sale will be the inaugural event for the new exchange, which is set to be the first marketplace specifically for trading tokens classed as securities in the U.S. The service is being launched under the umbrella of Overstock's capital markets arm, tØ.
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The fund-raising effort will see the creation and sale of a tØ-specific token, which users must buy in order to pay for future services.
Overstock CEO Patrick Byrne told International Business Times (IBT) that it will be distinct from other tokens on the exchange, being a so-called utility coin and not a security.
The company expects to raise $200 million to $500 million "easily" via the ICO, Byrne said.
A joint venture with RenGen and Argon Group, the upcoming exchange will be an alternative trading system (ATS) compliant with the U.S. Securities and Exchange Commission (SEC) and Financial Industry Regulatory Authority (FINRA) regulations.
Originally launched for the trading of blockchain-based stocks, tØ moved to create the regulated token exchange in response to the recent growth of the ICO use case.
As tØ is already SEC regulated, Byrne told IBT that building the new service was a natural process, stating: "We took something that was already legit and legal, and we just adapted it so it could handle blockchain."
He added:
"If there's one company that could legitimately issue a token it should be us."
The platform is expected to launch along with the new token "before Thanksgiving," IBT reports.
Confetti image via Shutterstock
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