Prime Trust will be working alongside tZERO to offer digital asset trading and custody services to its customers
Prime Trust and tZERO will be working together to provide services in the cryptocurrency space. The integration will allow Prime Trust to manage the custody of cryptocurrencies and digital securities for its customers while offering trading services via tZERO.
This latest development was announced by tZERO on Wednesday. Prime Trust revealed that it would begin managing the custody of digital securities and cryptocurrencies for its customers using tZERO. Prime Trust, a digital asset finance infrastructure provider, will also allow its customers to trade assets on tZERO ATS, the firm’s broker-dealer subsidiary.
tZERO is one of the top security token trading platforms globally, allowing users to trade a wide range of security coins. Prime Trust revealed that it would be focusing on the infrastructure while tZERO handles the trading aspect.
As per the agreement, tZERO’s cryptocurrency wallet will be replaced by a new one. The new wallet will come with numerous benefits, including increased buy limits, faster transaction settlement, and a seamless process of onboarding new digital currencies, after regulatory approvals and launch.
It will further reduce reliance on third-party clearing firms. Instead, tZERO ATS will handle that after filing for self-clearing support for itself and its broker-dealer subsidiaries.
tZERO CEO Saum Noursalehi stated, “The initiatives announced today affirms our commitment to remain agile and swiftly adapt to regulatory and technological developments in order to foster a robust and dynamic marketplace”.
The agreement between the two firms will pave the way for the entities to provide excellent services in the cryptocurrency space. According to the press release, the new infrastructure eliminates the need to rely on third-party clearing firms and enables faster onboarding of new digital securities. It also improves the account funding process and enhances the settlement process.
Prime Trust CEO Scott Purcell stated that he was excited to work with tZERO to help them revolutionise the cryptocurrency trading sector and provide superior trading services. The partnership will now make it easier for customers to custody their cryptocurrencies and trade them on the same platform.
Noursalehi added that their trading model creates flexibility for the issuers, customers and subscribers that wish to be a part of their marketplace. It also opens up the marketplace to securities with superb blockchain functionality.
Overstock, one of the leading global marketplaces, founded tZERO as a blockchain-based trading system and platform.