Overstock’s security token trading platform tZERO is reportedly set to launch a cryptocurrency trading app this summer. The app will let its users to buy and sell bitcoin on their mobile devices, and potentially also ether. The firm aims to revolutionize capital markets and truly address the inherent inefficiencies of Wall Street so that financial processes and investors are less beholden to legacy market structures.

An All in One Trading App

The upcoming app for IOS and Android devices is scheduled to launch this summer in June and is being developed by Bitsy — a crypto startup in the portfolio of Overstock’s venture arm Medici Ventures. tZERO CEO Saum Noursalehi noted that this is one of the reasons they acquired Bitsy. The idea is to accelerate time to market for our mobile app.

The app will allow users to hold custody of their holding crypto without having any dependency on a third party, and will plug into a network of exchanges through tZERO’s partner, institutional trading platform SFox. tZERO’s app will connect to SFox’s network of exchanges via its API. Notably, the app will allow users to trade security tokens listed at tZERO and even traditional stock — all in one app.

Related: $270 Million Investment from GSR in tZERO is Still Incomplete: Patrick Byrne

CEO Saum Noursaleh said “They (Bitsy) 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.”

Coming to the security tokens, since tZERO’s alternative trading system (ATS) launched in January, so far only its own native tZERO Preferred (TZEROP) token has been available for trading on the platform. But, the firm claims that onborading of new issuers is on the way.  Noursaleh added that they have been a bit selective than other ATS out there because 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.

Other Updates Around tZERO

Earlier in February 2019, tZERO announced its partnership with a New York-based institutional brokerage firm ‘Dinosaur’ in order to provide brokerage accounts to securities traders.

tZERO is also in the process of integrating a third-party security token platform (name still unknown), so that tokens issued there can be listed on tZERO.

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