tZERO has been handed a huge boost in its quest for a retail brokerage subsidiary platform push as it receives approval from FINRA.
tZERO has received the proper review process and been granted the retail broker-dealer subsidiary approval it has been seeking. This was confirmed Thursday by the blockchain arm of Overstock, tZERO,
The approval was granted by the Financial Industry Regulatory Authority (FINRA), the body in charge of regulating activities of FinTech companies in the United States. With this move, the company will henceforth be able to act as a broker for customers around the United States. This move can offer firms the investment banking activities they desire while also raising capital for businesses.
Activities on the new platform to commence in the coming months
Notably, tZERO previously obtained approval for the new broker-dealer subsidiary from the Securities and Exchange Commission (SEC). Giving his review of the recent activities around the company, tZERO CEO, Saum Noursalehi, said that the move was to ensure that the company cements its relationship with its growing list of customers.
Furthermore, the firm looks to provide new features in the digital securities market that would help serve them better. This new approval is following the announcement by tZERO some months ago that they were going through the screening process to get approval.
tZERO plans to move operations outside the US
Noursalehi has further revealed that the new broker-dealer subsidiary platform will go live in the months to come. Even though license to operate in the United States is in the bag, the firm hopes to move its operations further into the international scene.
According to the official statement, the platform’s first release on the web will be complemented by a future release of its mobile application. It should be noted that the company secured a huge equity sale to GoldenSand Capital which brought in about $5 million.