Rialto Trading and Bittrex have announced a partnership deal to develop a novel digital asset trading service. The former, an Alternative Trading System (ATS), and the latter, a cryptocurrency exchange platform, plan to launch a cryptocurrency securities trading platform.
Details of the Partnership
In a press release published by Bittrex on PR Newswire, the two companies revealed that they had detailed conversations with the required regulatory agencies as part of the launch process. Based on the proposed plan, Rialto will expand its services to include blockchain-based securities trading.
Presently, the ATS platform focuses on fixed income products and is awaiting regulatory approval to expand its catalog to cryptocurrency securities. According to the press release, the proposed platform will merge Rialto’s tools and security protocols with Bittrex’s pedigree in the cryptocurrency trading arena.
Commenting on the partnership, Rialto CEO Shari Noonan said,
“We are excited to share Rialto’s expertise in building networks and trading solutions in the regulated securities industry to develop this new venture in partnership with Bittrex. By working together, we’ll be able to expand our current client offerings to not only include digital securities but also provide them access to a globally advanced and reliable trading platform.”
The cryptocurrency securities trading service will cater to every tokenized security, including but not limited to custody, placement, and advisory services.
Bill Shihara, the CEO of Bittrex expressed optimism about the collaboration, saying,
“We’re merging Bittrex’s technology, cybersecurity, and blockchain expertise with Rialto’s deep knowledge of the securities industry. And, when you add that foundation with Rialto’s extensive background in financial services, including Shari’s experience at Goldman Sachs and Deutsche Bank, this new venture is well-positioned to further advance blockchain’s adoption by offering a comprehensive solution at the right time.”
The Quest for Regulated Cryptocurrency Securities Trading
While the Rialto-Bittrex partnership waits for a regulatory greenlight, there have been other attempts to penetrate the still-emerging cryptocurrency securities trading market. Some cryptocurrency exchange platforms like Coinbase and Gemini have so far steered clear of many digital tokens because of the lack of clarity about whether they are security or utility tokens.
Suggested Reading : Learn how Bittrex compares to Coinbase in our Coinbase vs. Bittrex exchange comparison.
Crypto securities trading brings with it some regulatory concerns due to the strict nature of securities law in many countries. In July, Coinbase, the San Francisco-based exchange behemoth announced that it had purchased some companies in its bid to become a regulated broker-dealer. So far, the cryptocurrency trading space in the United States is limited to spot trading, futures contracts, and the newly introduced exchange-traded notes (ETN).
Unhashed.com is author of this content, TheBitcoinNews.com is is not responsible for the content of external sites.
Our Social Networks: Facebook Instagram Pinterest Reddit Telegram Twitter Youtube
