Hong Kong-based GSR Capital has closed investment in Overstock’s security token trading platform tZERO, CoinDesk writes. The company received only $5 million in funding. Originally, per the agreement signed last summer, GSR was supposed to invest more than $400 million in tZERO. Afterwards, the funding was lowered to $100 million in March, and it went down to $30 million a month later.
According to Overstock’s CEO Patrick Byrne, GSR was let out of “all previous contracts.” tZERO CEO Saum Noursalehi believes the investment was “a decent offer.” The investment comprises “$1 million in U.S. dollars, $1 million worth of Chinese Renminbi, and $3 million worth of ‘certain securities.’”