tØ, a subsidiary of online retail giant Overstock.com focused on blockchain technology, has announced that its token sale, utilizing a Simple Agreement for Future Tokens (or SAFT), will commence on December 18, 2017.
Speaking at the Money 20/20 conference last month, tØ Chairman Patrick M. Byrne had suggested that the underlying tZERO token is expected to constitute a security, within the meaning of U.S. securities laws, and will, therefore, be considered a "security token," rather than an app token.
In its official release, tZERO said that tokens will provide investors the unique token characteristics, such as revenue participation in the form of a distribution, which will be a percentage of tZERO’s revenue, and utility to pay for fees and/or services within the tZERO eco-system.
“The interest in the proposed tZERO token sale has been overwhelming, and we have been working with our advisors to create the most unique and innovative token,” said Joseph Cammarata, President of tZERO.
The proceeds from the sale are expected to fund, among other things, scaling tZERO's technology development and regulatory teams in order to maintain its leading edge, and potentially acquiring or establishing a custody and clearing firm to complement tZERO's existing infrastructure.
Importantly, tZERO investments are valid if made only through www.saftlaunch.com and no other channel.
