Hong Kong-based private equity firm GSR Capital is backing US online retailer Overstock’s blockchain subsidiary tZERO.
GSR will buy $30 million worth of tZERO tokens from Overstock and will аlso invest up to $270 million in the company at a valuation of $1.5 billion, giving it an 18% stake.
tZERO CEO Saum Noursalehi says: “We are honoured to have GSR Capital as a strategic investor. The tokenization of securities has the potential to disrupt global capital markets responsible for moving hundreds of trillions of dollars. Together with our partners, we will globalise our blockchain-based platform, bringing more efficiency, liquidity, and trust to capital markets.”
“GSR Capital has the prescience to understand the disruptive power of blockchain capital markets,” comments Patrick M. Byrne, Founder and Chairman of tZERO, and Founder and CEO of Overstock. “They are aligned with our vision for the future of capital markets built upon the speed, trust, and security of the blockchain. And most importantly, they think big, and want to help us scale this vision globally as quickly as possible.”
“GSR Capital is very excited to partner with tZERO in its effort to expand the global footprint for blockchain-enabled asset trading including stocks, bonds, commodities, etc. We have a long-term view on how we want to scale this platform on a global basis,” adds GSR Capital’s Chairman and founder, Sonny Wu.