tZERO and North Capital Route First Order Through Agora Network, Marking Milestone for Tokenized Securities Connectivity

tZERO Group, Inc. and North Capital Investment Technology, Inc. announced the successful routing of the first order via the Agora Network, marking the launch of live operations for the industry's first network designed to connect alternative trading systems (ATSs) for tokenized and private securities. This milestone represents the first realization of the vision outlined when the companies announced their strategic partnership in January 2026 to create shared infrastructure enabling qualified participants to identify trading interest and route orders across connected venues.

Agora 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."

Jim Dowd, Chief Executive Officer of North Capital, added: "The successful completion of the first order routed via Agora validates the technology and market model behind the network. 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."

The initial phase enables order-routing and discovery between tZERO's ATS and North Capital's PPEX ATS, allowing eligible customers to identify 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, and liquidity providers, further extending access across the tokenized securities ecosystem.

The launch advances both companies' 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.