tZERO announces plans to launch for a broker-dealer
- tZERO security token platform recently announced plans to list additional tokens and broker-dealers.
- The company spoke about numerous plans for the future, as well as its goals for 2020, one of which might include external funding.
- According to the firm's CEO, the last year revolved around building the business and getting the necessary licenses, while this one will see the business expand further.
Overstock’s security token platform, tZERO, recently published a review letter in which it looked back on its performance in 2019. More importantly, the platform also shared some of its plans for the future, particularly when it comes to its goals for 2020.
According to the review, written by the platform’s CEO, Saum Noursalehi, takes note of multiple elements, but one of the biggest ones is the planned launch for a broker-dealer named tZERO Markets. According to the review, this might come to pass in the next few months, likely in the first half of 2020.
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Furthermore, the company’s statement notes that it might raise external funds nearing the end of the year, or at the latest, in early 2021. The company was originally launched a year ago, in January 2019, and it managed to raise $5 million thanks to GSR Capital a few months after that, in May. However, it still missed its fundraising target, even if by only 98.7%.
Noursalehi continued by saying that Overstock management might be committed to funding tZERO, and the platform can certainly use additional funds as its business continues to develop throughout the first half of the year. The CEO expects that the firm will keep reaching new milestones, which would further prove its business model. However, it may also become appropriate to approach external sources as the year comes to a close. Naturally, this would only be done in a way that would enhance the business itself, as well as the stakeholder value.
New additions to the platform are coming soon
Last year, the platform wanted to list five security tokens as part of tZERO ATS, its security token exchange. Unfortunately, regulatory and legal concerns delayed the process, and there are currently only two tokens listed, alongside one broker-dealer.
Noursalehi further added that the company’s focus in 2019 was mostly on building, acquiring the necessary approvals and licenses, as well as developing the trading tech, as well as digital securities tech, among other things. Now, it plans to dedicate more attention to the token listing, and the third security might emerge in only a few weeks, alongside five additional broker-dealers.