As of February 1st 2019, Dinosaur Financial Group, LLC, has partnered with tZERO to provide its investors with institutional grade brokerage accounts. With the recent launch of tZERO’s security token, the trading platform continues to take steps in becoming a global leader of financial innovation.
Dinosaur to Provide Brokerage Accounts for tZERO Explained
Dinosaur will officially be the broker-dealer to provide brokerage accounts for investors using tZERO’s security tokens.
With the partnership, the tZERO security token— which just recently went live— will continue to progress towards its goal as one of the few tokenized securities compliant with US securities laws.
Dinosaur is a New York-based institutional brokerage firm. Managing Director of equity trading Elliot Grossman explained what Dinosaur saw in tZERO to establish the partnership:
“Becoming the provider of brokerage accounts for tZERO security token holders is a significant milestone for Dinosaur. Blockchain is changing how securities are traded and settled, and I am particularly proud that Dinosaur has joined with tZERO, tZERO’s broker-dealer subsidiary, PRO Securities (and the PRO ATS) […] to pioneer disruptive changes for issuance, trading, and settlement in the capital markets.”
Saum Noursalehi, tZERO’s CEO, described the unique vision held by Dinosaur which caught his enterprise’s attention:
“We’re very excited to be joining forces with Dinosaur as the broker-dealer for our new security token platform. With Dinosaur, we have found a firm that understands our vision to bring transparency and efficiency to global markets and accelerate the adoption of security tokens.”
tZERO: What is it and why does it matter?
tZERO aims to establish itself as one of the first fully-compliant Alternative Trading Systems (ATSs) to integrate financial securities with Distributed Ledger Technology (DLT) in the United States.
Overstock.com is the parent company of tZERO. Overstock.com CEO Patrick Byrne is known throughout both the e-commerce and crypto communities as a dynamic visionary.
In 2014, Overstock.com started accepting Bitcoin. Now, the enterprise has strategically positioned itself as a major player in perhaps the most anticipated manifestation of blockchain technology: security tokens.
In fact, Byrne is said to have gone ‘all-in’ on security tokens.
tZERO’s broker-dealer subsidiary— PRO Securities— first introduced the concept of real-time trade settlement back in 2016.
Now, after tZERO raised $134 million in funding, PRO Securities is using tZERO’s protocol to bridge the gap between traditional securities and DLT’s potential.
The tZERO trading platform— whose tokens are now live— was designed to allow for private resale transactions to eligible investors, according to US securities laws.
At the time of writing, tZERO has but one competitor in the United States: OpenFinance Network (OFN). Yet live tokenized assets, whose ownership can potentially be traded on such platforms, include equity, real estate, investment funds, REITs, and fine art.
Once certain platforms— such as OFN and tZERO— provide liquidity for security tokens, the significant benefits are forecasted to transform the current structure of traditional securities.
What do you think about the partnership between tZERO and Dinosaur? How long will it take for Alternative Trading Systems to provide the liquidity needed for the successful implementation of security tokens? Let us know what you think in the comments section below.
Image courtesy of Coin Central.