Overstock going after o.com? Probably not as they focus on Crypto

Discussion in 'The Lounge' started by JulienJ, Dec 21, 2017.

  1. JulienJ

    JulienJ India Member

    Joined:
    Dec 13, 2017
    Messages:
    637
    Likes Received:
    10
    Trophy Points:
    18
    Location:
    Germany
    With O.com hitting the auction block I thought Overstock would be interested in finally getting the .com after the whole O.co effort.

    But then I read an article on Inc.com which touched upon Overstock possibly getting ready to sell off the retail business and become a blockchain company. The company is launching one of the largest ICO’s.

    From the article:

    Byrne said the funds from the ICO could reshape Overstock.com’s business. That could include selling off the retail side and focusing on the company’s ownership of 10 blockchain companies, the technology behind cryptocurrencies like bitcoin. Overstock.com was one of the first companies to accept bitcoin and will make the ICO through its exchange tZero.

    CoinDesk published an article today that the first $100 million has been raised.

    The initial phase of a token sale for Overstock.com subsidiary tZERO has seen significant investor activity, according to CEO Patrick Byrne

    As reported by CoinDesk, the first leg of the sale – in which the firm is selling Simple Agreements for Future Equity (SAFEs) that will later be redeemed for crypto tokens by accredited investors – began yesterday, albeit a bit later than initially planned. Hiccups aside, Byrne told CoinDesk that the sale ultimately attracted a big crowd – some 2,000 accredited investors.


    Source