tZERO and North Capital Launch Agora Network to Connect Tokenized Securities Trading Platforms

tZERO Group, Inc. and North Capital Investment Technology, Inc. have announced their collaboration on Agora, the first technology network connecting Alternative Trading Systems to enable broader market access for tokenized securities and other private securities. The initiative brings together two leading ATSs to create shared infrastructure for securities discovery and order routing across platforms, addressing what executives describe as long-standing fragmentation in private securities markets.

Agora will allow securities listed on one ATS to be accessible to qualified subscribers of another, expanding market reach and potential liquidity without requiring bespoke integrations between each platform. Participating ATSs will retain full control of their matching engines, settlement processes, and compliance procedures. Jim Dowd, Chief Executive Officer of North Capital, stated that private securities markets have operated in silos for too long, and Agora's purpose is to create connective infrastructure to allow ATSs to maintain their independence while participating in a broader network that will be expanded through tokenization on public blockchains.

Alan Konevsky, Chief Executive Officer of tZERO, emphasized that for tokenized and private securities to reach their full potential, they cannot live inside isolated platforms. He noted that markets need connective tissue rather than walled gardens, describing Agora as an important step toward a more open, interoperable market structure where ATSs retain their independence while enabling assets and liquidity to move more freely across platforms. Konevsky added that blockchain is the ideal candidate to become the base layer for private markets because it allows assets to be issued, traded, and settled on shared, interoperable rails.

The initial phase of the Agora network launch will focus on internal connectivity, enabling qualified subscribers of the tZERO ATS to access securities listed on the North Capital PPEX ATS, and vice versa. This phase is designed to validate the core routing and integration technology. Subsequent phases will aim to open the network to additional third-party ATSs and liquidity providers, further accelerating market access and liquidity aggregation across the private securities ecosystem. Mike Weaver, Managing Director at North Capital, stated that expanding liquidity through open systems, open standards, and automation will provide a catalyst to unlock the private securities market.

Agora will operate as a technical registry and routing layer rather than an exchange or ATS. ATSs will be participants, choosing the securities they wish to make available and the capabilities they plan to support. Broker-dealers, RIAs, and qualified institutional buyers will register as subscribers to discover and trade securities across the network. When a subscriber submits an order, Agora will route it to the appropriate ATS where the security is listed for trading. Key features include single integration for subscribers to connect once to access securities across all participating ATSs, ATS sovereignty where each ATS maintains control of matching, settlement, and compliance, and access limited to qualified institutional participants including registered investment advisors, qualified institutional buyers, and broker-dealers.

The network will support REST API and FIX connectivity, with participant fees designed to support allocated operating costs. The Agora API framework is expected to be available in the first half of 2026. This development represents a significant step toward addressing fragmentation in private securities markets, particularly as tokenization gains traction. By creating shared infrastructure that maintains platform independence while enabling cross-platform access, Agora aims to facilitate the natural aggregation of liquidity across what have traditionally been isolated trading venues. More information about North Capital may be found on their website, while information about broker-dealers can be verified through FINRA's BrokerCheck system.