Time will tell if this partnership will endure. Investors were disappointed earlier this week to find that trading on the tZERO platform is currently limited to wall-street hours (0930-1600hrs EST). However, tZERO is looking to eventually attain its own broker/dealer licence. In doing so, they would then open trading 24/7.
For now, this partnership is a mutually beneficial and allows tZERO to continue to establish itself as a key piece in the digital securities sector.
Representatives from each company spoke on this development.
Saum Noursalehi, CEO of tZERO, stated,
“We’re very excited to be joining forces with Dinosaur as the broker-dealer for our new security token platform. With Dinosaur, we have found a firm that understands our vision to bring transparency and efficiency to global markets and accelerate the adoption of security tokens.”
Elliot Grossman, Managing Director of Equity Trading for Dinosaur, stated,
“Becoming the provider of brokerage accounts for tZERO security token holders is a significant milestone for Dinosaur. Blockchain is changing how securities are traded and settled, and I am particularly proud that Dinosaur has joined with tZERO, tZERO’s broker-dealer subsidiary, PRO Securities (and the PRO ATS), PRO’s other partners and Electronic Transaction Clearing to pioneer disruptive changes for issuance, trading, and settlement in the capital markets.”
Glen Grossman, Founder and CEO of Dinosaur, stated,
“We are very pleased to have partnered with tZERO and PRO Securities and to offer our services to accredited investors interested in trading digital securities. Dinosaur is an agile business, and our clients expect us to use leading-edge technology, so today’s announcement should be no surprise. Working with blockchain technology is a natural step for me because of my previous work pioneering electronic trading in US Treasury markets.”
Dinosaur is a multi-faceted company, providing services pertaining to wealth-management, brokerage, and investment banking/advisory. CEO, Glen Grossman, oversee company operations in New York.
tZERO is based out of New York, and is a subsidiary of Overstock.com. Each are products of Patrick Byrne, who has recently noted that he will be increasing his focus on the development of tZERO. Above all, this subsidiary acts as a platform to facilitate various services aimed towards security tokens.
In Other News
tZERO has made headlines various times in the past few months. Most notably, tZERO went live with their trading platform only weeks ago. Here is a brief look at a few times we have detailed developments pertaining to tZERO.
SIX Acquires Stake in daura – SDX Exchange
A Strategic Advantage – SDX Exchange
Boerse Stuttgart Subsidiaries to Benefit from Investment by SBI Holdings
It is fair to say that SBI Holdings has decided to go all-in on blockchain based endeavours as of late. This has been made evident through various high profile investments. The most recent of which include Ripple, Securitize, and now Boerse Stuttgart – the latter of which we will discuss here today.
In an effort to usher in higher levels of adoption surrounding digital securities, SBI Holdings has invested in multiple branches of the Boerse Stuttgart group.
- Boerse Suttgart Digital Exchange
- Boerse Stuttgart Digital Ventures
Plans Moving Forward
In their announcement, it is clear that the rationality behind this new partnership is geared around global expansion. With SBI Holdings operating within Japan, and the various branches of the Boerse Group operation throughout Europe, the pair should find the partnership mutually beneficial.
Beyond simple expansion, the pair of companies closed out their announcement by elaborating on their plans. They stated,
“The SBI Group and the Boerse Stuttgart Group are partners in the digital asset business in Asia, including Japan, as well as in Europe. We will work together to build a global digital asset finance ecosystem utilizing blockchain.”
Upon announcing these investments, representatives from each, SBI Holdings and Boerse Stuttgart, took the time to comment. The following is what each had to say on the matter.
Yoshitaka Kitao, CEO of SBI Holdings, states,
“Due to the decentralized nature of digital assets, it is our top priority to find globally suitable partners to build our digital asset ecosystem. The SBI Group, with its trading platform for digital assets and other relevant companies, will make full use of the cooperation with the Börse Stuttgart Group to respond to the global customer interest in digital assets.”
Alexander Höptner, Chairman of the Management Board of Boerse Stuttgart GmbH, states,
“Asia and Europe are currently the fastest growing markets for digital assets. With the SBI Group, we have found an ideal partner to realize our vision of an efficient, global ecosystem along the value chain of digital assets. In addition to the exchange of knowledge and technology, the collaboration also covers the issuance, listing and trading of digital assets across borders, as well as brokerage services and building the first global bridge for custody.”
The Boerse Stuttgart Group consists of various branches such as Boerse Stuttgart Digital Exchange, and Boerse Stuttgart Digital Ventures. These two branches, in particular, have a focus on blockchain based endeavours, including the eventual creation of a secondary marketplace for digital securities.
An acting subsidiary of SBI Group, SBI Holdings, was launched in 1999. The company maintains headquarters within Tokyo, Japan, where they seek out, and establish, strategic partnerships with high potential companies.
CEO, Yoshitaka Kitao, currently oversees company operations.
In Other News
In recent months, each of the companies discussed here today have found themselves in our news feed. Whether launching a digital exchange, or making strategic investments, both companies have been quite active. The following articles are just a couple discussing recent moves by both.
DX.Exchange Goes Bankrupt – CX Technologies Ltd
Additionally, a host of suppliers have taken suit against the company. These suits run the gambit from unpaid bills to the alleged fraud. The well-known cybersecurity firm, White Hat Ltd is one of the company’s claiming losses due to DX.Exchange actions. Another lawsuit lists Bee2See Dotan B.S. Solutions. This is the firm that handled DX.Exchange targeted marketing. Even the company supplying the servers never got paid – Malam Team.
Writing on the Wall – DX.Exchange
Employees and suppliers knew to take action earlier in the month after the firm closed its doors unexpectedly. At the time, DX.Exchange owner Pinhas Patarkazishvili cited the rising costs and dwindled profits the exchange had left. He told employees that he was searching for a merger or acquisition and if that he was unsuccessful, the company would permanently cease operations.
Security Tokens on the DX.Exchange
Will Employees and Affiliates Get Paid?
- A Quick Look at – The Security Token Market Secondary Trading Analysis: 2019
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- Darius Liu, Chief Operating Officer for iSTOX – Interview Series
- Disguises, Fake Identities, and an Illegal ICO – The SEC Looks to Lay Charges
- EMURGO Starts New Blockchain Task Force in Uzbekistan