Overstock |tZERO | Cryptocurrency Exchange | Bitcoin Trading App

tZERO, Overstock’s security token platform, have had been concentrated on security tokens, however, this is to change as the platform plans to launch its own mobile Bitcoin (BTC) trading app.

Scheduled to be released in June, the trading app will enable users to buy and sell BTC, and probably, ether as well, as told to CoinDesk by CEO Saum Noursalehi on Thursday.

The App

Developed by Bitsy,  a crypto startup in the portfolio of Overstock’s venture arm Medici Venture, the app will be for both IOS and Android devices. Noursalehi told the publishing:

“That’s part of the reason we acquired Bitsy — to accelerate time to market for our mobile app. They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZERO. They are also working on some cool stuff like biometric login.”

He further added that the app will enable users to hold custody of their crypto without relying on a third party, and will plug into a network of exchanges through tZERO’s partner, institutional trading platform SFox.

An API will connect the tZERO’s app with SFox’s network of exchanges. Noursalehi asserted that this is just the beginning of what the company envisions.

Just One App

Talking about its future plans, tZERO suggests that it is going to hold its own crypto treasury in order to satisfy user demand. Noursalehi elaborated that when tZERO acquires a retail broker-dealer license (for which it’s filing now), the app will enable users to trade security tokens listed at tZERO along with traditional stock, i.e. all in one app.

For now, the company expressed its desire to hire the right people to fit the plan. Already onboard is Elliot Grossman, former managing director at Dinosaur Financial Group, currently tZERO’s broker-dealer, who will lead the future retail broker-dealer as a CEO.

Noursalehi also elaborated plans about tZERO’s alternative trading system (ATS). Launched in January, it only lists its own native tZERO Preferred (TZEROP) token so far, per Noursalehi onboarding of new issuers is on the way.

Additional companies are now talking to tZERO’s team, such as real estate, private equity and venture funds, even private companies in the technology, pharmaceuticals and food and beverage industries. Noursalehi added:

“I hope in the next quarter we will sign contracts with them. We’ve been a bit more selective than other ATS out there, we want to make sure the companies that want to issue tokens with us are well-funded, have revenues and will be around in the next three-four years.”

In the pipeline, tZERO is also looking to integrate a third-party security token platform, so the tokens issued there can be listed on tZERO. As of now, the name of the platform is not yet public.

Read more: Western Union Partners With Thunes To Avail Mobile Wallet Transfers

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The post Overstock’s tZERO Exchange to Launch Bitcoin Trading App This June appeared first on Latest Crypto News.



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