tZero and BOX Digital Join Hands To Seek SEC Approval For Security Token Exchange
US based tZero and BOX Digital Markets LLC recently announced that they have entered into a joint venture, aiming to become the world’s first regulated exchange for trading security tokens.
Last month, the two companies entered into a letter of intent to negotiate an equal joint venture that would operate as a facility of the BOX Options Exchange for the trading of security tokens in the US. Yesterday, the parties announced that the joint venture has officially been formed with tZERO and BOX Digital sharing economic ownership and board representation equally. They said they will now seek approval from the SEC prior to beginning operations.
tZERO will power the technology required to create and operate the joint venture. In addition, tZERO will manage the ongoing technology implementation, administration, maintenance and support. BOX Digital will provide executive leadership and regulatory expertise. Upon obtaining SEC approval, the joint venture will operate as a facility of BOX Options Exchange, an existing registered U.S. securities exchange.
Lisa Fall, the CEO of BOX Digital and the newly appointed head of the joint venture said: “We will work closely with the SEC to create a framework for the safe and efficient trading of security tokens and our joint venture with tZERO marks a significant step that brings us ever closer to creating the industry’s first regulated exchange for security tokens. With BOX’s experience in building and operating a sophisticated equity options marketplace and tZERO’s industry leading blockchain technology, we have brought together our organizations’ combined expertise to create a more efficient capital market that will benefit traders and issuers.”
More About BOX Digital And tZero:
BOX Digital Markets LLC is engaged in creating and developing markets for trading digital assets in a regulated environment. BOX Digital is a wholly-owned subsidiary of BOX Holdings Group LLC, which owns and operates BOX Market, an equity options marketplace and a facility of BOX Options Exchange LLC. BOX Options Exchange is a Registered National Securities Exchange under Section 6 of the Securities Exchange Act of 1934.
t0.com, Inc. (“tZERO“) is a majority owned subsidiary of Overstock.com, focusing on the development and commercialization of financial technology (FinTech) based on cryptographically-secured, decentralized ledgers – more commonly known as blockchain technologies. Since its inception, tZERO has pioneered the effort to bring greater efficiency and transparency to capital markets through the integration of blockchain technology.