As of April 2nd 2019, tZERO has announced that its new and future broker-dealer affiliate will be led by Elliot Grossman. As CEO, Grossman hopes his 15 years of experience building Dinosaur will take tZERO to higher levels.
Elliot Grossman to Lead tZERO’s Broker-Dealer Explained
tZERO raised $134 million during its initial offering.
With such funding, the platform aims to transform the capital markets industry through the integration of Distributed Ledger Technology (DLT). tZERO wants to become the home of compliant security token issuance, secondary market trading, and settlement.
In February 2019, tZERO announced a partnership with broker-dealer Dinosaur. Per the terms of agreement, Dinosaur would provide tZERO users with “institutional grade brokerage accounts”.
Now, Elliot Grossman— a seasoned veteran with Dinosaur— will lead tZERO’s upcoming broker-dealer affiliate as CEO.
Grossman was a founding member of Dinosaur, serving most recently as the managing director of equity trading. He also served as senior vice president at DCM advisors, an SEC-registered investment advisory firm.
Throughout his 15 years at Dinosaur, Grossman developed the company’s equity business, electronic trading systems, and corresponding strategies. He assisted in Dinosaur’s private U.S. client group and launched the firm’s first international equity trading business.
tZERO CEO Saum Noursalehi described his faith in Grossman’s abilities:
“Having worked with Elliot Grossman at Dinosaur Financial Group, I am confident that he is the right person to build on our momentum. Elliot’s 15 years of experience in capital markets will be invaluable in building the next generation retail broker-dealer. His skills in combination with our expertise in automation and building world-class user experiences will revolutionize how investors trade assets.”
Grossman also commented on the announcement:
“Leading tZERO’s new broker-dealer affiliate is an honor and I’m eager to be joining this effort at such an exciting time. I look forward to continuing to build on the successes that the tZERO team has achieved as we continue to create a truly unique offering for our clients.”
tZERO is a blockchain subsidiary of Overstock.com.
According to a recent interview with Overstock.com CEO Patrick Byrne, tZERO’s recent acquisition of SpeedRoute provides the enterprise with “the technical capacity potentially to leverage relationships with…150 brokers, who themselves have millions of clients, to drive tZERO strategy”.
Only one other regulated security token trading platform exists in the United States— OpenFinance Network.
What do you think of Elliot Grossman leading tZERO’s broker-dealer affiliate as CEO? How will the situation for regulated security token trading platforms unfold in the United States? We want to know what you think in the comments section below.
Image courtesy of tZERO.