tZero Markets, a new broker dealer for the tZero ATS (Alternative Trading System) has been approved. According to FINRA’s online Broker Check service the broker dealer was approved on the 4th September 2020. The approval was discovered and made more visible by a tweet posted by Jeremy Blaise on Twitter, here below:
The license has been given for 6 US States/territories: New York, Idaho, Kentucky, Rhode Island, Michigan and Utah.
This step represents a significant milestone in the tokenized security space and places tZero as the first ATS of this kind to gain broker-dealer approval.
This step could also have a big impact of the users of the tZero platform, where it is possible to trade the Tezos-based token Aspen Coin represented by the ticker ASPD. Presently, traders on tZero have to utilize the Dinosaur Financial online broker service to make trades, tZero markets now enables the company to bring the broker-dealer aspect in-house. This move could help pave the way, allowing tZero to begin the process of bringing together their different offerings into one package.
It was announced via email to tZero ATS users on the 3rd of September that users of the Dinosaur financial system could trade the OSTKO asset and other publically traded digital securities with 0% fees (down from 1%). This did not include the TZROP asset, or the ASPD asset and it was seen as a move to try and on-board more broker-dealers to the platform. Many thought that this announcement could have been a prelude to potential tZero Markets activity and this appears to have been played out.
In an April Forbes article on tZero markets, it was stated:
tZero’s crypto wallet application is currently completely separated from the tZero ATS and it is thought that tZero Markets could provide one part of the puzzle to help bridge that gap between tokenized assets and cryptocurrency assets in the future.
In the same Forbes article the CEO of tZero Saum Noursalehi stated: “tZERO plans to use its crypto wallet application to scale-up adoption for security token trading.”
In the background, tZero has also been creating its own Tezos token standard as mentioned in this past TokenCrunch article: https://tokencrunch.com/tokens/tzero/the-tezoken/. It also now appears that the team who were working on the Tezos token standard have also been working on a Tezos baking solution and a Tezos wallet.
It is not yet known whether the proposed Tezos wallet will be used within the ATS solution, or the crypto app wallet, which is only available in certain countries at present. As mentioned, the ATS side of tZero has a Tezos based asset listed and plans for more in the future including the River Plaza tokenized asset.
In other news, on the 3rd of September TokenCrunch held an exclusive interview with an organization looking to tokenize on Tezos. We are currently transcribing the interview and hope to publish an article and interview transcript shortly, so stay tuned.
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