The blockchain arm of Overstock, tZERO, has announced on Thursday that tZERO Markets, its retail broker-dealer subsidiary, has gained the approval of the Financial Industry Regulatory Authority, or FINRA.
Expanding To US-Based Brokerage Services
The subsidiary is now capable of legally offering brokerage services to US-based retail customers. Alongside this, it’s further capable of offering placement agent and investment banking services to issuers when it comes to capital raising activities.
Interestingly enough, tZERO Markets already stands as registered with the US Securities regulator, the Securities and Exchange Commission (SEC).
Planning To Push Internationally
Saum Noursalehi stands as the CEO of tZERO, and gave comment about the latest development, at large. He explained that the company will now be capable of establishing a direct relationship with its customers by way of tZERO Markets. The company will be capable of doing this, all the while offering a streamlined digital asset trading and onboarding experience.
Noursalehi further highlighted that tZERO is making plans to launch tZERO Markets within the span of a few months. While it has gained the relevant approvals to offer its services across the US, tZERO made it clear that it plans to expand its services further, offering it internationally.
Growing Steady And Strong
The official press release of this announcement detailed that the tZERO Markets will only launch on a web platform, as a start, but this web platform will be complemented with a mobile application as time goes on.
The company itself held no surprise that it had received the green light. tZERO had already been publicizing its plans of seeking these regulatory approvals for some time now.
It was earlier this year when the company slashed the salaries of its staff, reducing it altogether, as well. This stood as part of an effort to cut costs ahead of the planned capital raise round set to start next year. Back in April, the company managed to secure $5 million by way of an equity investment sale, with the buyer being GoldenSand Capital.
Noursalehi highlighted how tZERO had built an end-to-end ecosystem, doing everything from trading by way of an institutional-grade order-management system, to digitizing a private company’s ownership.
tZERO had been gearing for this move for some time now, and time will tell how successful this venture will be. With yet another contender within the US crypto space, it might spur further innovation and fairness for the average crypto consumer.