Announced June 26th 2019, tZERO has officially launched its cryptocurrency trading app. The app immediately features two currencies— Bitcoin and Ethereum— with additional assets in the pipeline.
tZERO’s Crypto App Explained
A short time ago, tZERO— the developing security token exchange— announced plans to launch a cryptocurrency trading app.
Now, through its ‘tZERO Crypto Unit’, the company has launched a mobile wallet along with exchange services available to investors directly through a mobile phone. The tZERO Crypto App will allow investors to purchase, sell, and store cryptocurrencies in a manner more secure than “vulnerable, third-party exchanges for custody”.
The app also leverages biometric authentication for strengthened security.
tZERO CEO Saum Noursalehi tweeted the news:
“tZERO Crypto App live on iOS! This will serve as the foundation for a broader digital asset trading solution.”
When asked which digital currencies are immediately available for trade, Noursalehi identified two, and hinted at a third coming soon:
“Bitcoin and Ethereum. Another may follow in next month or so.”
A Breakdown of tZERO’s Private Key Recovery System
Investors will be able to access private keys even if they— including their mobile phones— are lost. tZERO does this through their private key recovery system which can restore funds or digital currencies in the event of lost private keys.
Patrick Byrne, tZERO Chairman and Overstock founder & CEO, provided additional details on the system:
“tZERO Crypto is bringing a superb wallet into production, one with distinct advantages over other wallets currently in use. One of those is that with tZERO’s Private Key Recovery System, your digital coins are truly held by you, in your wallet, rather than on an exchange in a pot with other fungible tokens. Not only is this more secure (if your coins are held in your wallet and not on an exchange, people cannot steal your tokens by hacking an exchange), but in addition, it is more true to the cypherpunk ethos of decentralization through cryptography. Yet with tZERO’s Private Key Recovery System, you do not face a risk in losing your passwords or devices. There are other reasons I believe that users are going to find the tZERO Crypto wallet superior to others on the market. In recent shareholders’ calls and an annual meeting, I emphasized that I believed that tZERO would have at least two significant announcements near the end of Q2. This is the first of them.”
While the tZERO crypto app is currently available on iOS, the Android-based app is said to be coming soon.
Additional headlines featuring tZERO in recent news include the integration of Securitize’s DS Protocol and the transition of Overstock’s Series A Shares to the tZERO security token platform.
What do you make of tZERO launching its cryptocurrency trading app? Let us know what you think in the comments section below.
Image courtesy of tZERO.