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Overstock's tZERO Wins FINRA Approval to Launch Retail Broker-Dealer Subsidiary
The firm announced Thursday that FINRA approved its application to launch tZERO Markets, a retail broker-dealer subsidiary.
Updated Sep 14, 2021, 9:54 a.m. Published Sep 10, 2020, 12:30 p.m.
Security token platform tZERO announced Thursday the Financial Industry Regulatory Authority (FINRA) has approved its application to launch a retail broker-dealer subsidiary, tZERO Markets.
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A majority-owned subsidiary of U.S. online retailer Overstock, tZERO also runs a non-custodial crypto exchange app that supports bitcoin, ethereum and ravencoin.
- In a press statement emailed to CoinDesk, tZERO said the broker-dealer subsidiary will also offer investment banking and placement agent services to token issuers for capital raising activities.
- Because the subsidiary is registered with the SEC and has now been granted FINRA’s blessing, tZERO CEO Saum Noursalehi said the firm expects tZERO Markets to launch its services in the coming months.
- The statement added that depending on regulatory review, the platform’s launch would be web-based and later expanded to include Android and iOS devices.
Read more: tZERO Slashes Jobs, Salaries as It Gears Up for Another Funding Round
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