Overstock (OSTK) stock price jumps by over 20% after announcement of investment into its blockchain subsidiary
Overstock, the american online retailer saw a share price jump of 21% on Thursday after the announcement of CSR Capital, the Hong Kong private equity firm is set to invest as much as $270 million into the Overstock blockchain subdivision known as tZero.
CSR capital is to have a 18% stake in tZero after the investment and will also purchase $30 million worth of tZero security tokens from Overstock.
tZero CEO Saum Noursalehi spoken on the private equity firms investment:
"We are honored 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 globalize our blockchain-based platform, bringing more efficiency, liquidity, and trust to capital markets."
The tZero coin was just launched December 18 of last year.