New York-based institutional brokerage firm Dinosaur Financial Group has partnered with tZERO, a global leader in blockchain innovations for the capital markets owned by Overstock.com through its subsidiary Medici Ventures.
The broker-dealer will provide brokerage accounts for investors seeking to trade tZERO’s digital security tokens, which are likely to become fully compliant with the U.S. securities laws. Dinosaur’s institutional brokerage provides clients with a comprehensive investment service and is now making its services available for tZERO’s security tokens.
Elliot Grossman, Managing Director of Equity Trading at Dinosaur Financial, commented:
“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. tZERO’s security token is a digital security tracked via a blockchain protocol. It’s an evolutionary change that will reduce operational risk and drastically improve the process of clearance and settlement.”
Glenn Grossman, Founder and Chairman at Dinosaur Financial, added:
“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.”
Saum Noursalehi, Chief Executive Officer at tZERO, said:
“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.”
tZERO was founded in 2014 with the purpose of bringing innovation and transparency to financial markets through blockchain. The firm’s digital securities trading platform is designed to enable private resale transactions to accredited investors, consistent with U.S. securities law.