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Overstock’s Blockchain Subsidiary Misses Target for $100 Million Capital Injection

Published 04/18/2019, 09:00 PM
Updated 04/18/2019, 09:02 PM
Overstock’s Blockchain Subsidiary Misses Target for $100 Million Capital Injection

TZERO, the blockchain subsidiary of retail giant Overstock, has missed its mid-April goal for a $100 million fund raise from Chinese investment firm GSR Capital and Singaporean private equity firm Makara Capital. The firm announced the development in a shareholder letter on April 18.

In the letter, Overstock CEO Patrick Byrne noted that while the diligence processes for both firms were going smoothly, “the parties will not have a definitive deal in place by the mid-April target.” Byrne added:

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