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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.

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

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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.

Read more: Rivals Signature Bank and Prime Trust Team to Offer Instant Payments for Institutions

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.

Tanzeel Akhtar

Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.

Tanzeel Akhtar