Overstock’s tZERO Set to Launch Bitcoin Trading Platform

by Arnab Shome
  • The firm has plans to make it an all-in-one trading platform supporting both crypto and traditional stocks.
Overstock’s tZERO Set to Launch Bitcoin Trading Platform
Finance Magnates

Overstock.com’s Blockchain subsidiary tZero is planning to launch a mobile-based application for trading in Bitcoin and, possibly, Ether.

As revealed by the company’s CEO Saum Noursalehi to Coindesk, tZERO has outsourced the development process of both iOS and Android-based trading application to Bitsy with a scheduled launch date in June.

Noursalehi detailed that the upcoming app will work without the support of a third-party wallet platform for crypto storage. Moreover, it will have access to tZERO’s partner institutional Trading Platform SFox.

Last year, Overstock’s venture arm Medici Ventures invested heavily in Bitsy which was developing products to fill the gap between crypto and fiat. The company, last September, launched a cryptocurrency wallet.

“That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app,” Noursalehi told Coindesk. “They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login.”

An All-in-One Trading Platform

In addition, the Overstock subsidiary is also planning to add the option of trading securities token listed on tZERO along with traditional stocks. The company needs a retail broker-dealer license for these services, for which it is filing its application.

In January, tZERO launched a regulated alternative trading system (ATS) platform to offer a securities clearing and settlement. To date, the platform only offers its native tZERO Preferred (TZEROP) token. The CEO, however, revealed that the company is working on the onboarding process of many companies on the platform including players from real estate, private equity, venture funds, technology, and many more.

“I hope in the next quarter we will sign contracts with them,” Noursalehi added. “We’ve been a bit more selective than other ATS out there, we want to make sure the companies that want to issue tokens with us are well-funded, have revenues and will be around in the next three-four years.”

Overstock.com’s Blockchain subsidiary tZero is planning to launch a mobile-based application for trading in Bitcoin and, possibly, Ether.

As revealed by the company’s CEO Saum Noursalehi to Coindesk, tZERO has outsourced the development process of both iOS and Android-based trading application to Bitsy with a scheduled launch date in June.

Noursalehi detailed that the upcoming app will work without the support of a third-party wallet platform for crypto storage. Moreover, it will have access to tZERO’s partner institutional Trading Platform SFox.

Last year, Overstock’s venture arm Medici Ventures invested heavily in Bitsy which was developing products to fill the gap between crypto and fiat. The company, last September, launched a cryptocurrency wallet.

“That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app,” Noursalehi told Coindesk. “They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login.”

An All-in-One Trading Platform

In addition, the Overstock subsidiary is also planning to add the option of trading securities token listed on tZERO along with traditional stocks. The company needs a retail broker-dealer license for these services, for which it is filing its application.

In January, tZERO launched a regulated alternative trading system (ATS) platform to offer a securities clearing and settlement. To date, the platform only offers its native tZERO Preferred (TZEROP) token. The CEO, however, revealed that the company is working on the onboarding process of many companies on the platform including players from real estate, private equity, venture funds, technology, and many more.

“I hope in the next quarter we will sign contracts with them,” Noursalehi added. “We’ve been a bit more selective than other ATS out there, we want to make sure the companies that want to issue tokens with us are well-funded, have revenues and will be around in the next three-four years.”

About the Author: Arnab Shome
Arnab Shome
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About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6229 Articles
  • 79 Followers

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