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Overstock’s tZERO Sets to Release US-based Broker Dealer by Q2 2020

By Chris Torres | May 4, 2020

tZERO – the blockchain-focused division of Overstock – is reportedly looking to roll out its broker dealer service across the US in the second quarter this year. 

Specifically, Saum Noursalehi – tZERO CEO – reportedly discussed detailed information of an initiative to establish a one-stop-shop – which will boost crypto, security tokens adoption rate along with mainstream trading. However, tZERO needs to be legally recognized as a retail broker-dealer first. 

The firm’s retail broker subsidiary tZERO Markets has reportedly submitted papers to get it registration with the US-based Financial Industry Regulatory Authority (FINRA) done, at the start of 2020. 

Should the authorization is granted, tZero will reportedly carry on its expansion plan, via combining equity and traditional securities with crypto and digital assets.

Noursalehi is looking to obtain the authorization in the second quarter of this year, with a plan to utilize tZERO’s crypto wallet application to bring up “adoption for security token trading”. 

“Several of our blockchain companies have received public attention because the problems they are solving using blockchain technology have been brought into the spotlight in the current pandemic. Areas like mobile voting, digital identity, digital currency, and supply chain tracking have become more important in our COVID-19 world. I am looking forward to the increase in tZERO platform activity I believe will result from the upcoming issuance of the Overstock OSTK digital dividend.” Noursalehi further remarked. 

After the tZero’s ICO round conducted by Overstock 3 years ago, the firm is reportedly seeking the greenlight to release a market for security tokens, with the papers for the Boston Security Token Exchange has been submitted with the US SEC.

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