Riding a boom in initial coin offerings, online retailer Overstock.com Inc. today launched its own.

The “tZERO Security Token Sale,” slated to raise $250 million, is being pitched as a way for Overstock.com to develop a platform that “integrates cryptographically secure distributed ledgers with existing market processes to reduce settlement time and costs, increase transparency, efficiency and auditability.” The tokens issued in the ICO are security-based, issued pursuant to a comprehensive offering memorandum as opposed to being linked to a white-paper proposal. It’s limited strictly to accredited investors in order to comply with securities laws.

At its core, the tZERO platform is designed to operate as a regulated alternative trading system that matches buyers and sellers on real-time, authenticated, immutable blockchain ledger. The tokens themselves can be used to trade on the platform as well as initially raising funds for its development.

The platform can be applied to various markets, with the first being a collaboration with economist Hernando de Soto that is seeking to establish a global repository on which property ownership and transfers are recorded. Described as the first global record of who controls territory and property rights, the repository is claimed to be a way to “challenge global poverty and inequality,” according to a press release.

Although the ICO has been open for only 24 hours, it already looks set to be oversubscribed. A statement from Overstock.com said it has so far received “overwhelming interest from subscribers,” registering more than 200 per hour. It has already received commitments for more than $100 million from investors.

Overstock.com’s entry into the ICO market isn’t a great surprise. The company has long been at the forefront of blockchain-related development. The company built a “bitcoin-like” stock exchange in 2014 before becoming the first to issue bonds on the same platform in 2015. A year later, Overstock.com made plans to open its blockchain platform to the public.

The ICO is scheduled to run through to Jan. 18, but given the initial interest, it will likely close well before then.

Photo: Overstock Coliseum/Wikimedia Commons