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Investors leave the cryptocurrency platform tZERO after the departure of Overstock founder Patrick Bern

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Singapore investment fund Makara Capital will not invest in a platform for trading security tokens, although it may reconsider its decision in the future. CoinDesk writes about it with reference to the statement of the interim CEO of the parent company Of Overstock Jonathan Johnson, made by him on Monday during a conference call with investors.

It was Johnson’s first conversation with Overstock investors since the company’s founder, Patrick Byrne, announced his resignation as chief executive amid uproar revelations about his love affair with jail-going Maria Butina. Director.

Earlier this year, Makara Capital, together with the Chinese investment firm GSR Capital, planned to invest $100 million in t-zero, but the parties failed to close the deal on time.

It is worth noting that GSR Capital has also significantly revised its plans for t-zero. Thus, last summer, Overstock, and GSR Capital signed an agreement under which the Chinese firm was obliged to acquire a stake in tZERO in the amount of $270 million, shares of Overstock for $104.55 million and tokens of t-zero for $30 million. The deal was supposed to close in December, but GSR asked for until Feb.

After it was announced that plans were being made to attract Makara Capital to invest in the platform, t-zero agreed to exempt GSR Capital from all previous commitments. As a result of the new transaction, the blockchain platform operator received $1 million in U.S. dollars, $1 million in Chinese yuan and $3 million in securities.

The more positive news for the company’s investors is that another marketplace, the one developed in conjunction with the Boston Options Exchange, should be launched in the previously specified time frame.

“We work very closely with regulators. In the first quarter of next year, we will launch a national exchange for security tokens,” said Saume Nursalehi, CEO of t-zero.

Jonathan Johnson also stressed that Patrick Bern’s departure had nothing to do with the current financial situation of the company, whose net profit in the first quarter of 2019 was $367 million, which is 17% less than in 2018. He said Bern’s decision demonstrated the “strength of the team and business” as he would never have left his post if he had not been sure that the business was “in good hands.”

It has also been reported that Patrick Byrne has retained his stake in Medici, Overstock’s venture capital division, and the company will keep in touch with him, as with any other shareholder.

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