NEW YORK, NY – tZERO Group, Inc., a leader in blockchain-based financial infrastructure, and North Capital Investment Technology, Inc., a financial technology company, today announced the successful routing of the first order via the Agora Network. This milestone marks the launch of live operations for the industry's first network designed to connect alternative trading systems (ATSs) for tokenized and private securities.
The Agora Network, first announced in a strategic partnership in January 2026, was created to address fragmentation in private and tokenized markets. Historically, issuers, investors, and intermediaries have operated within isolated marketplaces, limiting access, visibility, and potential liquidity. Through a common discovery and routing framework, Agora enables ATS participants and their broker-dealer and institutional customers to connect to multiple ATS venues without requiring bespoke integrations with each platform.
“This first order routed demonstrates that the future of tokenized securities will be built on connectivity, not isolation and fragmentation,” said Alan Konevsky, Chairman & Chief Executive Officer of tZERO. “Capital markets work best when participants can access opportunities across a broad ecosystem rather than through disconnected pools of liquidity. Agora is designed to preserve the strengths and independence of individual platforms while creating the infrastructure that allows them to participate in a larger network. Today's milestone is an important step toward a more connected market structure for tokenized and private securities as we work towards a natively technologically connected ecosystem.”
The initial phase of the Agora Network enables order-routing and discovery between tZERO’s ATS and North Capital’s PPEX ATS, allowing eligible and approved customers of each firm to identify potential trading interest and route orders through the shared framework without directly accessing the other firm’s ATS. Future phases are expected to expand the network to additional ATSs, broker-dealers, liquidity providers, and other market participants, further extending access across the tokenized securities ecosystem.
“The successful completion of the first order routed via Agora validates the technology and market model behind the network,” said Jim Dowd, Chief Executive Officer of North Capital. “Our objective has been to create common infrastructure to enable greater connectivity to potential liquidity and transparency, while allowing ATSs and issuers to maintain control of their businesses. This milestone demonstrates that this vision is now operational.”
The launch of live order routing powered by Agora advances both companies' broader objective of supporting a more interoperable market structure for tokenized securities and private assets, where trading interest can be discovered and orders routed across connected venues rather than remaining siloed within individual marketplaces. This development is significant for the industry as it promises to enhance liquidity and access in private and tokenized securities markets, which have historically been fragmented and illiquid.
The implications for investors and market participants are substantial. By connecting multiple ATS venues, Agora could lead to better price discovery, increased trading volumes, and reduced costs for participants. For issuers of tokenized securities, the network offers a pathway to reach a broader pool of potential investors. The success of this first order routing signals a shift toward a more connected and efficient market structure for private securities, potentially paving the way for broader adoption of blockchain technology in capital markets.
tZERO and North Capital plan to continue expanding the Agora Network, with the goal of creating a robust ecosystem that benefits all participants in the tokenized securities space.
