Overstock’s tZero secures $5M equity investment

Blockchain exchange tZero has secured $5 million in equity investment from GoldenSand Capital, part of a $270 million funding round.

As well as taking an equity stake, the Hong Kong-based investor will present fresh opportunities to tZero for expansion in Asia and Pacific markets, at a time when the exchange is looking increasingly towards global horizons.

The move comes as tZero is weighing expansion across markets internationally, with the aim of taking its exchange technology to financial centers worldwide.

Saum Noursalehi, CEO at tZero, said: “GoldenSand Capital understands the value of tZERO and its mission to introduce greater efficiency and transparency to capital markets by leveraging blockchain and smart contract technology.”

Overstock CEO Jonathan Johnson said the investment validates the company’s vision, for what he described as the “crown jewel” of the parent company’s investment arm: “tZero is the crown jewel of Medici Ventures’ global keiretsu of companies. This investment validates tZero’s vision of revolutionizing capital markets by creating a robust ecosystem that is powered by blockchain technology.”

Sonny Wu, chairman of GoldenSand, said the firm would collaborate with tZero to identify and take advantage of opportunities throughout the Asia region: “We plan to continue to collaborate with tZero on strategic opportunities and are interested in partnering our wealth of industry connections across Asia with tZero’s tokenization protocol technology. Our portfolio of digital assets, including GoldenSand Bank, are the low-hanging fruits for synergistic partnerships with tZero.”

tZero was set up to bring blockchain technology to Wall Street, providing more efficient, accessible and transparent securities exchange powered by blockchain technology.

A majority owned subsidiary of blockchain pioneers Overstock, through their Medici Ventures arm, the company focuses on the development and commercialization of blockchain technologies.