Overstock’s Crypto Trading Subsidiary, tZERO, Hits Record High Volumes in August
- tZERO, the crypto trading app backed by retail giant Overstock, has announced new record volumes in August.
- This digital securities platform noted that both their crypto trading app and blockchain-built alternative trading system (ATS) experienced the highest activity since they were launched back in June 2019.
The month of August saw tZERO’s user base grow by 11% compared to July, marking an increase of more than 1,000 new users on the digital asset app. Notably, this year has been relatively bullish for tZERO with a total of 143% growth in user base since it began. The platform is now looking to give traditional brokers a run for their money when it comes to offering digital securities trading services to Wall Street.
tZERO achieved record results in August 2020. "Our recent accomplishments underscore the investor demand for digital assets," said @Noursalehi. $TZROP $ASPD $OSTKO $OSTKhttps://t.co/Z0O1N5j2Ut pic.twitter.com/PDwzpY5thd
— tZERO (@tZERO) September 16, 2020
Going by last month’s stats, tZERO’s digital asset app grew by around threefold in traded dollar volumes. The reported figure, which is $22 million, is a jump from July’s $7.6 million, while the year-over-year growth stood at 684%. Saum Noursalehi, the CEO of tZERO, further highlighted significant milestones by the project,
“In addition to delivering record trading volume on the tZERO ATS in August, the St. Regis Aspen (ASPD) digital security began trading … These wins, coupled with FINRA’s approval of tZERO Markets, are exciting, and we look forward to offering our crypto customers the opportunity to open brokerage accounts at zero Markets.”
The platform is now incentivizing activity with its recently rolled out zero-fee structure for publicly-traded digital securities; private ones, however, retained the previous fee structure. Nonetheless, the project is not yet out of the words when it comes to product scaling and attracting heavyweight investors to compete favorably against traditional brokerages.
Apart from the crypto trading app, tZERO has been actively involved in the tokenization of assets, not limited to real estate and film productions. It is also quite noteworthy that Overstock began accepting BTC payments as early as 2014, giving the retailer a head start in the space.