Business

Erik Gibbs

tZero to launch crypto trading app

Overstock’s cryptocurrency arm, tZero, is preparing to launch its own crypto wallet. The wallet will be available for both Android and iOS mobile devices, according to reports. If all goes well, it will give users the ability to buy and sell Bitcoin Core (BTC) and possibly Ether (ETH) as soon as this summer.

According to CoinDesk, tZero CEO Saum Noursalehi confirmed the app, adding that it is currently in development by Bitsy, a crypto startup that belongs to Overstock’s Medici Ventures investment arm. He added, “That’s part of the reason we acquired Bitsy—to accelerate time to market for our mobile add. “They have an app for trading crypto, primarily bitcoin, in a beta-phase, they built a wallet and key recovery mechanism, and this will be the foundation of the mobile app for tZero. They are also working on some cool stuff like biometric login.”

The app will not hold any currency—all assets are kept by the users. It will be able to tie into a network of crypto exchanges with the assistance of SFox, tZero’s institution trading platform partner. 

tZero hopes to receive a retail broker-dealer license, which is currently under application. That license would allow users to trade security tokens listed on tZero, as well as traditional stocks, directly from a single app. 

The company is reportedly working on several big deals to expand use of its alternative trading system (ATS) and its tokens. Noursalehi said that the company is in negotiations with private equity firms, venture funds and real estate companies, as well as other entities in the food and beverage industries. He added, “I hope in the next quarter we will sign contracts with them. We’ve been a bit more selective than other ATS out there, we want to make sure the companies that want to issue tokens with us are well-funded, have revenues and will be around in the next three-four years.”

Overstock was once an e-commerce giant. After discovering crypto, company founder Patrick Byrne decided that he wanted to dedicate all of his efforts to growing a business around digital assets and announced last year that he would most likely sell Overstock

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