Bittrex exchange teams to offer alternative blockchain-based digital securities trading
The platform will utilize licensed broker-dealer tools, industry experience and Bittrex's blockchain expertise.
US-based digital exchange Bittrex has partnered with Rialto Trading to optimistically set up a new digital securities trading platform, merging industry expertise and financial services capabilities.
Rialto Trading is an Alternative Trading System (ATS) for fixed income products. The deal will see the company expand its operations to include blockchain-based securities for institutional investors and clients.
The firms will utilize Rialto's licensed broker-dealer ATS, tools and securities industry experience and Bittrex's proficiency with distributed ledger technology (DLT) to support the upcoming trading marketplace.
The system will support US dollar (fiat) trading for digital securities. Rialto Trading will also provide ancillary services including issuance advisory services, as well as placement, trading and custody.
"It takes a unique combination of advanced technology and financial expertise to build and launch an efficient, reliable and secure platform for trading digital securities, and we found the ideal partner in Rialto and its CEO Shari Noonan," Bittrex chief executive Bill Shihara said in a press release announcing the partnership.
Interested parties, such as securities issuers, accredited investors, institutional investors, corporations and US-registered broker-dealers, can lodge their interest in obtaining an account via Rialto Trading's website.
The new platform will available for use pending regulator approvals.
In July, crypto exchange Coinbase acquired licences to operate as a broker-dealer, an alternative trading system and a registered investment adviser. This allows Coinbase to offer security tokens, such as ICO coins, which pay dividends, under federal oversight. Previously Coinbase operated under a patchwork licensing scheme.
Bittrex exchange will act as Ripple's preferred partner for xRapid transactions in US dollars, while Mexico's Bitso and the Philippines' Coins.ph will be the recommended exchanges in those countries.
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