Overstock ICO in a month? The first retail company to accept Ethereum, is now launching their own ICO. E-commerce veteran Overstock.com Inc., was also the first major retailer to accept Bitcoin.
Now their subsidiary tZERO (tØ) has formally announced an initial coin offering (ICO). The company is planning to sell up to 500 million digital tokens via an initial coin offering that will launch next month.
If Overstock successfully completes the ICO, it will be the first major public company to achieve this milestone.
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Overstock considers itself to be pro-freedom. Including the freedom of individuals to communicate information about value and scarcity without relying on a medium created through the fiat of unaccountable government mandarins. This was precisely the reason why CEO and founder Patrick Byrne has been an early proponent and adopter of cryptocurrencies.
Now with the help of their tZero team, they are looking forward to “creating and launching credible, capable and institutionally scalable blockchain technologies for crypto assets.” This is intended to become the largest ICO of all time, topping the $257 million raised by FileCoin in August.
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Stock Price Was Up Even Before Overstock ICO Announcement
Shares of the discount e-commerce company already more than doubled since the start of August. That was when the retailer began letting shoppers pay with all major digital tokens. They jumped 23 percent on Sept. 27, when it announced plans for an exchange for trading cryptocurrencies.
Now, with a potential Overstock ICO on the horizon, investors reaped a similar windfall this week.
Could there be downfalls? Absolutely. The first concern is if the Overstock ICO is not successful. Second, since the company started accepting Ethereum there could also be worries on that end. There’s virtually no clarity on what blockchain technology could really be worth, and if Ethereum’s will remain the most popular among enterprises. There’s no denying the potential for blockchain, but it’s primarily been used in pilot and small-scale programs for the time being.
overstock ICO Cryptocurrency Bitcoin