tZERO which is a blockchain arm of Overstock has recently announced that its subsidiary has gained approval from the Financial Industry Regulatory Authority (FINRA). By receiving this approval, the firm will be able to offer brokerage services to the retail customers across the United States. Along with this, it will also be able to offer investment banking and placement agent services to the issuers. The firm is already registered as a broker-dealer under the Securities and Exchange Commission (SEC).
Saum Noursalehi, CEO of tZERO has said that the main aim of the firm is to establish a direct relationship with its customers. Along with this, it will offer a smooth experience while onboarding or trading digital securities. It is not something that came all of sudden as the firm has already talked about its plan to apply for these regulatory permissions earlier as well.
Noursalehi has specified that the firm has planned to launch the platform in the next few months. He has also revealed that gaining US permission is not enough for the firm as they are planning to expand its services across the world.
According to the official announcement by the firm, the platform will be first made available on a web platform. This will be the initial step and after this, it will also be made available for the mobile application as well.
By the starting of this year, it was noticed that the firm has reduced its staff and also reduced the salary of the existing ones. This step was taken as a cost-cutting effort by the firm. Noursalehi has also said, “From digitizing a private company’s ownership records to trading through an institutional-grade order-management system, tZERO has built an end-to-end ecosystem that democratizes access to private assets.”