Prime Trust, tZERO Partner on Digital Asset Custody, Trading

The integration will enable Prime Trust to manage the custody of digital securities and cryptocurrencies for its customers using tZERO for trading.

AccessTimeIconJan 28, 2021 at 3:20 p.m. UTC
Updated May 9, 2023 at 3:15 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Security token trading platform tZERO will integrate technology from Prime Trust, a digital asset finance infrastructure provider, under a new partnership. 

According to an announcement Wednesday, the integration will enable Prime Trust to manage the custody of digital securities and cryptocurrencies for its customers using tZERO, and further allows its users to trade assets on tZERO ATS, the firm's broker-dealer subsidiary. The agreement is expected to replace tZERO’s own cryptocurrency wallet and reduces reliance on third-party clearing firms, the firms said.

"This will improve the cryptocurrency trading experience through increased buy limits, faster transaction settlement and a seamless process of onboarding new cryptocurrencies, subject to regulatory approvals and launch," according to the announcement. 

In other news, tZERO said its broker-dealer subsidiary ZERO ATS has filed a continuing membership application to allow it and broker-dealer affiliates to custody, clear and settle securities transactions. The firm said it's further working to find a way for its broker-dealer subsidiaries to directly custody digital securities without reliance on third parties, following a recent U.S. Securities and Exchange Commission statement.

On Tuesday, Overstock, which founded tZERO, announced it was converting its blockchain-focused Medici Ventures subsidiary into a fund managed by venture capital firm Pelion Venture Partners. After completion, Overstock will have a minority stake in tZERO.

Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is an award-winning media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. In November 2023, CoinDesk was acquired by Bullish, a cryptocurrency exchange, which in turn is owned by Block.one, a firm with interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets including bitcoin and EOS. CoinDesk operates as an independent subsidiary, and an editorial committee, chaired by a former editor-in-chief of The Wall Street Journal, is being formed to support journalistic integrity.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.