Overstock.com’s blockchain subsidiary tZero has named Elliot Grossman to lead its soon-to-be-launched broker-dealer arm. The upcoming company’s CEO is a key member of the team behind Dinosaur, led by father-son pair, Glenn and Elliot Grossman, and has nearly two decades of experience in electronic markets globally.
Most recently, Grossman served as the managing director of equity trading at the New York-based brokerage firm and investment bank. Dinosaur already provides brokerage accounts for investors seeking to trade tZERO’s digital security tokens through a partnership with tZERO’s broker-dealer subsidiary, PRO Securities.
In his new role, Grossman will be leading the establishment and management of tZero’s anticipated retail brokerage services, which includes sales trading, electronic execution and portfolio execution for buy- and sell-side clients.
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tZERO hopes to serve retail traders, not only accredited investors
He will capitalize tZero’s regulatory approval to operate as an alternative trading system (ATS), which aims to create a way for companies to tokenize equity and issue it on a blockchain without running afoul of regulatory obligations.
The new subsidiary will also provide secondary market liquidity for ICO tokens that are offered and sold as securities. tZERO hopes to launch its own retail broker-dealer within the coming months to grab the capacity to serve retail traders instead of only accredited investors.
Announcing the appointment, tZERO CEO Saum Noursalehi said: “Having worked with Elliot Grossman at Dinosaur Financial Group, I am confident that he is the right person to build on our momentum. Elliot’s 15 years of experience in capital markets will be invaluable in building the next generation retail broker-dealer. His skills in combination with our expertise in automation and building world-class user experiences will revolutionize how investors trade assets.”
Elliot Grossman added: “Leading tZERO’s new broker-dealer affiliate is an honor and I’m eager to be joining this effort at such an exciting time. I look forward to continuing to build on the successes that the tZERO team has achieved as we continue to create a truly unique offering for our clients.”