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Overstock CEO Praises tZERO Blockchain Platform in Q4 Earnings Report

Overstock CEO Praises tZERO Blockchain Platform in Q4 Earnings Report Canadian online retailer Overstock.com said it would counter its significant losses for 2018 with a return to profits this year in its Q4 earnings report released on March 18. Overstock, which is famous as being one of the first major retailers to accept Bitcoin (BTC), […] Cet article Overstock CEO Praises tZERO Blockchain Platform in Q4 Earnings Report est apparu en premier sur Bitcoin Central.
Bitcoin Central

GSR Investment in tZERO Slashed from $400 million to $100 million

GSR reduced investmentOverstock and their subsidiary, tZERO, broke the news today, that their long pending deal with GSR Capital has been downsized.Some readers may recognize the name, GSR Capital, as they are also the ones that turned to tZERO for the tokenization of cobalt. Beyond this, the duo made waves over the past few months, as GSR was expected to make a $404 million investment in tZERO.Unfortunately, this deal never materialized. While the announcement was made in mid-2018, the deal was supposed to occur in the fall. This was then delayed, as a third party was to come on-board. Fast-forward to today, and the deal has now been downsized, with an expected completion date of April 2019.This downsizing will see the $404 million slashed down to $100 million. To ensure the eventual completion of the deal, each of the involved parties have signed a memorandum of understanding, outlining the deal.New EntrantGSR Capital will not solely provide the $100 million investment. The third party involved has now been identified as Makara Capital.Makara Capital is an investment firm with pre-existing close ties to GSR Capital.Why Go Through The Trouble?Beyond the obvious appeal of the funds involved, there is more to this deal than simple financial allures. Each of these investment companies has sturdy footing within Asian markets. As tZERO continues its global expansion plans, strategic partnerships such as the one described here today will be key.CommentaryPatrick M. Byrne, earlier today, issued a statement through an Overstock press release. The following is what he had to say.“The previously-announced GSR equity investment in Overstock and tZERO has not been completed. However, we remain in discussions with GSR Capital and Makara Capital, a key partner of GSR Capital, regarding a potential transaction. Both have recently signed an MOU with tZERO outlining a transaction in which Makara and GSR would co-lead an investment of up to $100 million in tZERO common stock and close the transaction in April subject to due diligence, negotiation of binding contracts and regulatory approval. The investors would also assist with tZERO’s expansion in Asia and other regions of the world and link them with other key partners from their portfolios.Following the recent successful launch of tZERO’s new security token trading technology, we are excited by the emerging partnerships and business opportunities in front of us. More information on Overstock’s retail and blockchain properties will be shared within our upcoming 2018 FY Earnings reporting. I urge you to join us for that discussion of our business at a time and date to be announced soon.”For those that may be surprised by the statement above: don’t be. When the first delay occurred in this investment, Patrick Byrne issued warnings to ‘not count your chickens before they hatch’.At the time, he stated,“Despite our concerns (which no doubt you share), we have decided to grant GSR the time requested to onboard this additional partner (who we think will in fact be a highly valuable participant in the ecosystem). Additionally, in a display of commitment to our partnership, GSR has signed a retainer agreement with tZERO to ensure the cobalt offering is not delayed by this extension on the GSR investment. While we are appreciative of GSR’s commitment and excited about the opportunity in cobalt offering, we do acknowledge to you our shareholders that one should not assume the arrival of GSR’s investment until it arrives.”GSRGSR Capital founder, Sonny Wu, created the company in 2004. Operations are currently based out of Hong Kong, China.To date, GSR has shown great interest in the blockchain industry at large. Despite this hiccup, it is expected that they will remain active in blockchain investments.MAKARA CapitalAs an independent company, Makara Capital was formed in 2008. Since then, this investment firm has gone on to see great success, with various global hubs.Company headquarters are situated in Singapore, where Makara Capital is regulated by the Monetary Authority of Singapore.tZEROA young company, tZERO is the brainchild of Patrick Byrne – founder of overstock.com. tZERO has caught the attention of many in the burgeoning digital securities sector. They have done so, to date, through impressive execution of their roadmap. The most recent large milestone was the launch of their digital securities trading platform.In Other NewsTo learn more about the companies and deals discussed here today, check out a few of the articles below.GSR Capital turns to tZERO for the tokenization of CobalttZERO Completes Distribution of Security TokenPatrick Byrne to Increase Focus on tZERO and Digital Securities ExchangesThe post GSR Investment in tZERO Slashed from $400 million to $100 million appeared first on Securities.io.
Securities.io

Investors downsize investment in Overstock’s tZERO from $404M to $100M

Patrick Byrne, CEO of online retailer Overstock and security token trading platform tZERO, issued a statement regarding the status of the firms’ equity investments.The post Investors downsize investment in Overstock’s tZERO from $404M to $100M appeared first on The Block.
The Block Crypto

Overstock Issues Statement Regarding Proposed tZERO Equity Investment

MOU signed to build strong partnership in Asia SALT LAKE CITY, March 01, 2019 (GLOBE NEWSWIRE) -- Overstock.com, Inc. (NASDAQ:OSTK) has released the following statement from company CEO and founder and tZERO Executive Chairman Patrick M. Byrne on the status of an equity investment from GSR Capital and Makara Capital: The previously-announced GSR equity investment in Overstock and tZERO has not been completed. However, we remain in discussions with GSR Capital and Makara Capital, a key partner of GSR Capital, regarding a potential transaction. Both have recently signed an MOU with tZERO outlining a transaction in which Makara and GSR would co-lead an investment of up to $100 million in tZERO common stock and close the transaction in April subject to due diligence, negotiation of binding contracts and regulatory approval. The investors would also assist with tZERO's expansion in Asia and other regions of the world and link them with other key partners from their portfolios. Following the recent successful launch of tZERO's new security token trading technology, we are excited by the emerging partnerships and business opportunities in front of us. More information on Overstock's retail and blockchain properties will be shared within our upcoming 2018 FY Earnings reporting. I urge you to join us for that discussion of our business at a time and date to be announced soon. Until then, I remain, Your humble servant, Patrick M. Byrne About Overstock.com Overstock.com, Inc Common Shares (NASDAQ:OSTK) / Series A Preferred (Medici Ventures' tZERO platform: OSTKP) / Series B Preferred (OTCQX:Full story available on Benzinga.com
Benzinga

tZERO Security Token Trading to Get Lift in Q4 2019 if Overstock’s CEO is Correct

Recently, Patrick Byrne, the CEO of Overstock spoke to CoinDesk where he predicted that the volumes on his tZERO security trading platform sill start soaring by the end of the year. tZERO was officially launched this year. However, trading on the platform has so far been slow, and it is only limited to Wall Street […]
Bitcoin Exchange Guide

Overstock.com Alternative Trading System (ATS) tZERO Suffers from Stale Markets as Price Hits a Low

Recent reports have shown that after about three weeks since the much anticipated start of an Alternative Trading System (ATS) for security tokens by Overstock.com, there haven’t been a lot of transactions with the platform. The system’s own tZERO Preferred (TZROP) has had its daily volume, oscillating between 7,000 and 23,000 units. On its own, the number might seem average but when compared to the 26 million TZROP allotted at the $134 million security token offering (STO), then the number is really nothing. Maybe only a minute portion at best. More about tZERO Transactions According to reports, about a thousand different investors were authorised for the initial sale but only a small percentage of these investors were involved and committed on the platform at the time it kicked off. Information also has it that users who were not a part of the initial security token offering and only joined after the kick off, constitute about 15 percent of the company’s current pool of traders. This was revealed by the CEO of the tZERO Group, Saum Noursalehi. Even though during the STO, TZROP was priced at $10, it was $8 on the 28th of January as trading commenced but later dropped to a price of about $3. The price fluctuations seemed to continue to the point where dealers were transacting at $1 before it recently went up to $3. A lot of traders seemed to use this as a chance to sell off a good percentage of their tokens and later re-purchase them at a reduced price. Possible Explanation for the Sales Squeeze Some traders insist that the sales situation happened like that because of the first investors who invested into the token at the initial coin offering (ICO). They went ahead with this without really digesting the actual environment surrounding the token and were only consumed with the idea of making a substantial turnover. Mark Nelson, one of the traders, said: “From discussions with other TZROP holders, many of them don’t really understand what tZERO is and what type of investment they were making, they clearly did not read the offering details and just jumped in on hype from the general ICO craze expecting to double their investment in short order — unrealistic expectations.” He also said that “those investors and others who likely lost their shirts in the last 6 months on crypto and maybe even traditional market investments and the ones selling now.” Processing Delays A few procedural setbacks have also been noted. For example, there have been complaints that verification and authorisation of accounts by Dinosaur Financial – a broker/dealer – takes a week to be completed. It’s also been noted that transactions involving transference of both fiat and token to regular brokerage platforms, always takes more than a few days. One customer, Andrew Marks, has said that it takes longer than usual to receive cash from token sales. He said: “I haven’t withdrawn cash yet, but I did sell some shares. It took one day for the sale proceeds to appear in my Dino account,” he explained. “I sold shares on Wednesday and the cash appeared Thursday. I was expecting cash to appear instantly — let’s just say I would expect to see my available cash in my Dino account immediately after the sale.” The Future of tZERO Regardless of all the issues, Saum Noursalehi has said that there is an expectation for more transactions and for the average price of tokens to increase by the time retail investors are finally allowed to trade. Mark Nelson also said that “I do expect the value to only be depressed for a short period of time and recover fully and even be above $10 prior to August opening of trading for all investors.” Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and BCH Price Analysis Watch (Feb 15th)
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Tron Based ‘Stable Coin’ to Start Trading At Huobi and Okex Exchange

Okex and Huobi Global have added support for USD Tether pegged to the US Dollar built on Tron. Tron Foundation built the ‘stable coin’ collaboration with Tether. Currently, the two Exchanges support three stable coins markets USDT-Tron (TRC20), USDT-OMNI, USDT-ERC20 (Ethereum). The token will be launched on 30th April 2019 on the Okex and Huobi Global Exchanges. According to the press release by Okex: In order to meet users’ demand for stablecoin trading, OKEx will support USDT-TRON, the TRC-20 based USDT token co-developed by TRON and Tether, as well as the airdrop for USDT-TRON holders. …It has a TRON deposit address and uses the TRON network for depositing and withdrawal. Rewards for Early Adopters and Tron’s Growth The annual percentage return (APR) of the USDT-TRON token has been designed to give out rewards for its early adopters. The initial APR is 20% which will, however, reduce with time. Nevertheless, the program is supposed to roll out investments for a total of 100 days. The total amount of incentives will be $20 million. The incentives will be rewarded in USDT-TRON only. Justin Sun has implored the users of the Exchanges to adapt to swap from USDT-OMNI – USDT-TRON. #Hodl USDT-TRON to earn initial 20% APR in USDT-TRON. 100 day campaign. $20M initial budget no hard cap. Just sayin'. 😎 $TRX $BTT pic.twitter.com/jyo7QcrtbE — Justin Sun (@justinsuntron) March 21, 2019 The Stable coin will be available on major exchanges, and the reward programs are lucrative. Therefore, the number of transactions on the Tron Network would increase significantly. Tron has built a vibrant ecosystem for Dapps and issuing digital asset. The move will foster the growth of Tron. It will also help the exchanges take advantage of the transaction capabilities of Tron which is considerably cheaper than Ethereum currently. The returns proposed by ARP are highly lucrative. Will you swap your stable coins to earn the rewards?  The post Tron Based ‘Stable Coin’ to Start Trading At Huobi and Okex Exchange appeared first on Coingape.
CoinGape

Get EOS Airdrop Token Every Hour Is Now Possible on Infinito App Square with PRA CandyBox!

SINGAPORE, Mar 22, 2019 - (ACN Newswire) - Infinito Wallet's crucial partnership with global leading EOS block producers and block producer candidates comes along with valuable benefits for users. This March 13th, support for EOS DApps will officially be available on Infinito Wallet's newly launched App Square and the well-known EOS token distribution DApp - PRA CandyBox will be at Infinitors' service along with a great deal of airdrops everyday.Developed by ProChain based on the EOS main network, PRA CandyBox is the top 1 EOS DApp listed on DappRadar and the only airdrop-related dApp among the top 100 dApps as of 19 February 2019. With the join of this DApp, Infinito Wallet's users are now gifted with EOS candies everyday or even every hour. To be specific, the amount of EOS airdrops users can get daily varies in accordance with their account's level. To heighten level, wallet owners can deposit EPRA token - PRA CandyBox's proprietary token - into their account. This means the more EPRA token users deposit, the more EOS candies and the shorter duration for them. Level 1 accounts are those with less than 1,000 EPRAs, can repeatedly claim tokens every four hours. While top accounts like level 12 are rewarded with up to 12 airdrops every hour. Users can find this DApp inside Infinito App Square, displayed as "Browser" in the Universal Wallet. Convenience is one highlight of this EOS token distribution as PRA CandyBox keeps their airdrop "game" extremely simple. To receive candies, Infinito Wallet's users simply need to click on the airdrop project, input password and tap "confirm". That's it!*Please note that you must own an EOS account ...Full story available on Benzinga.com
Benzinga

Why Square’s Bitcoin Hiring Spree is Crucial for Crypto Adoption

Jack Dorsey, the CEO of Square, the $32.7 billion mobile payment giant based in the U.S., revealed that Square would fund three to four developers and a designer to work on the open-source protocol of Bitcoin and the crypto ecosystem. Independent of the core business strategies of Square, the team of developers and a designer will work to contribute to the cryptocurrency ecosystem in a variety of ways, potentially by contributing to the open-source codebase of the Bitcoin network. #BitcoinTwitter and #CryptoTwitter! Square is hiring 3-4 crypto engineers and 1 designer to work full-time on open source contributions to the The post Why Square’s Bitcoin Hiring Spree is Crucial for Crypto Adoption appeared first on CCN
CCN

Square is Hiring: You Can Be Paid in Bitcoin if You Want

Twitter and Square founder Jack Dorsey has always been bullish in his Bitcoin views. So it’s no surprise that his payments startup Square is now offering new employees the chance to be paid in Bitcoin. According to tweets from the CEO, the company is on the hunt for skilled labor to add to the team. Square Bitcoin Payments If Dorsey’s tweets are anything to go by, then the company is hiring engineers and a designer to “work full-time on open source contributions to the bitcoin/crypto ecosystem.”  The Square cash app already supports Bitcoin purchases ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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