tZero company run by online-retailer Overstock, and Boston-based BOX Digital Markets LLC have announced a joint venture project aimed at security-tokens trading.
According to the news reports, the new trading platform will list startups' security-tokens, while the parent companies will also be able to tokenize shares at the traditional exchanges.
The new platform will be a 50/50 JV between tZero and Box Digital. Its Board will equally consist of the representatives of each company. The parties have agreed that the project will have on independent director which will be appointed by the companies upon their mutual agreement. Lisa Fall, the current CEO of Box Digital and president of BOX Options Exchange LLC, is said to take the position of the CEO at new JV.
"Our partnership with BOX Digital Markets is a significant milestone that will create the first SEC-regulated exchange designed to efficiently trade crypto securities. Lisa Fall’s leadership, reputation and deep experience in the regulated securities exchange industry will be a major asset in achieving this objective," commented Saum Noursalehi, newly appointed CEO of tZERO.
"tZERO’s track record and accomplishments in this innovative area, coupled with BOX’s expertise in operating a highly efficient and transparent equity options marketplace, made partnering together an easy decision and we look forward to building a world-class platform for listing and trading security tokens," said Lisa Fall to mass media.
Under the agreement, tZero will reportedly provide funds for the new platform and license its own blockchain projects designed for a security-tokens segment. Box Digital will be responsible for expert support for the project and promotion of harmonization of the cooperation with financial regulators.