Overstock Security Token Exchange, tZERO, Plans to Launch Bitcoin Trading App via Bitsy Startup
tZERO The distributed ledger technology (DLT) arm of America’s leading online retailer Overstock.com, has announced plans to launch its Bitcoin trading app later this year, as part of its larger strategy to revolutionize the capital markets and address the inefficiencies of Wall Street, according to reports published March 22, 2019.
tZERO Joins the Bitcoin Movement
While facilitating the issuance of security tokens has been the primary objective of tZERO, the global leader in blockchain innovation for the capital markets has revealed it's looking to unveil own bitcoin trading mobile app later in June 2019.
According to reports, the solution will allow users to buy and sell established digital assets like bitcoin (BTC) and possibly ether (ETH). The firm has also hinted that the app will support the trading of traditional stocks.
The app is currently being developed Bitsy, a startup in the portfolio of Medici Ventures, Overstock’s venture capital arm.
Commenting on the matter, CEO of tZERO, Saum Noursalehi noted that:
“Developing our mobile bitcoin trading app is part of the reasons we acquired Bitsy. They have an app for trading, primarily bitcoin, in a beta-phase, they built a crypto wallet and critical recovery system, and this will be the foundation of the mobile app for tZERO. They are also working on some exciting features like biometric login.”
Notably, the app will also allow users to store their cryptos securely without having to send their funds to a third-party wallet, and it will also be integrated with tZERO’s partner institutional trading platform SFox.
For the uninitiated SFOX is a cryptocurrency dealer that allows professional traders and institutional investors to get higher returns when trading massive volumes, via smart routing and a global integrated order book.
A One Stop Shop
If all goes according to plans, tZERO has reportedly said that it's working towards owning a cryptocurrency treasury to service its clients better.
The firm claims it has filed for a retail-broker license, and if approved by the authorities, users of its bitcoin trading app will also be able to trade all security tokens listed on tZERO, as well as traditional stocks.
While the firm has already engaged former managing director of Dinosaur Financial Group, Elliot Grossman, to function as its broker-dealer, and he will also serve as the CEO of the retail broker-dealer platform, tZERO has hinted that it's currently looking to hire more professionals to make its project a huge success.
Earlier in January 2019, tZERO launched its alternative trading system (ATS), but up till now, the platform is yet to see meaningful adoption.
However, the CEO has made it clear that new issuers will be added to the platform shortly, as firms in various sectors including real estate, private equity, and others, are currently holding talks with tZERO.
“I hope in Q2 we’ll sign contracts with them. We have been a bit more selective than other ATS because we want to be certain the companies that want to issue tokens with us are well-funded, have revenues and will be around for a long time,” concluded Noursalehi.