Overstock’s blockchain arm tZERO plans to launch its broker dealer service in the United States by Q2 2020.
On April 30th, Forbes reported that tZERO Chief Executive Officer (CEO) Saum Noursalehi said he plans to expand the adoption of crypto, security tokens and mainstream trading with a one-stop-shop.
User growth for the crypto wallet was up 40% for Q1 & @Noursalehi believes that more growth is possible. Check out a recent @Forbes article by @robertanzalon15 to learn more about tZERO's accomplishments & plans that were discussed in $OSTK's Q1 2020 earnings call. $TZROP https://t.co/JH1a3dGT6Z — tZERO (@tZERO) April 30, 2020
However, to achieve all this the company must first be approved as a retail broker-dealer. The company’s retail broker arm tZERO Markets applied to be registered with the Financial Industry Regulatory Authority (FINRA) in the U.S. earlier this year.
If approved, tZero will expand trading by combining equity and traditional securities with crypto and digital assets.
Noursalehi plans to get this approval by the second quarter of 2020, while intending to use tZERO’s crypto wallet application “to scale-up adoption for security token trading.”
The CEO added in a statement that the current pandemic was partially responsible for the public’s greater reliance on blockchain and Overstock:
“Several of our blockchain companies have received public attention because the problems they are solving using blockchain technology have been brought into the spotlight in the current pandemic. Areas like mobile voting, digital identity, digital currency, and supply chain tracking have become more important in our COVID-19 world. I am looking forward to the increase in tZERO platform activity I believe will result from the upcoming issuance of the Overstock OSTK digital dividend.”
Source: Cointelegraph | Image: Unsplash