Rialto Trading, which provides Alternative Trading Systems (ATS), said on Thursday it has reached an agreement with US-based cryptocurrency exchange operator Bittrex to develop a new digital securities trading platform.
At the moment, Rialto runs a regulated ATS for bond-related products. The company is looking for approval from regulators for its ATS operations to incorporate blockchain-based securities. Both parties are currently in talks with regulators to get the green light for the new platform, a statement revealed.
The upcoming expanding platform will mix Rialto’s regulated ATS with Bittrex’s experience in the blockchain space, cybersecurity, cryptocurrency trading, and asset digitization. Clients will be able to use US dollars when trading digital securities on the ATS. Besides, Rialto will offer a variety of solutions aimed at the whole cryptocurrency space, such as issuance advisory assistance, placement, trading, and custody.
Rialto Trading CEO Shari Noonan commented on the deal:
“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,” he added.
Bittrex CEO Bill Shihara said:
“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.”
He added that the two companies would merge Bittrex’s tech and experience in blockchain and cybersecurity with Rialto’s knowledge of the securities market. Shihara noted that Shari’s experience at Goldman Sachs and German-based Deutsche Bank would have a significant impact for the success of the new venture.
Last month, Bittrex partnered with UK-based fintech firm invest.com to develop a new cryptocurrency trading platform for European citizens.