tZERO Group, Inc. and North Capital Investment Technology, Inc. have announced the launch of Agora, a technology network designed to connect alternative trading systems (ATSs) for tokenized and private securities. The initiative aims to break down silos in the private securities market by allowing securities listed on one ATS to be accessible to qualified subscribers of another, potentially expanding market reach and liquidity without bespoke integrations between each platform.
Under the Agora framework, participating ATSs retain full control over their matching engines, settlement processes, and compliance procedures. The network operates as a technical registry and routing layer rather than an exchange or ATS itself. In the initial phase, qualified subscribers of the tZERO ATS will be able to access securities listed on North Capital's PPEX ATS, and vice versa. Subsequent phases are expected to open the network to additional third-party ATSs and liquidity providers.
“Private securities markets have operated in silos for too long,” said Jim Dowd, Chief Executive Officer of North Capital. “Agora’s purpose is to create the connective infrastructure to allow ATSs to maintain their independence while participating in a broader network that will be expanded through tokenization on public blockchains. This is how we unlock liquidity in private markets.”
Alan Konevsky, Chief Executive Officer of tZERO, emphasized the need for defragmentation in the industry. “As I’ve noted before, this industry must defragment. For tokenized and private securities to reach their full potential, they can’t live inside isolated platforms. Markets need connective tissue - not walled gardens. Agora represents 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 further explained that blockchain provides the ideal base layer for private markets, allowing assets to be issued, traded, and settled on shared, interoperable rails. “When private assets are natively digital and regulated, they can move across venues, access multiple liquidity pools, and integrate directly into modern market infrastructure. That interoperability is what turns tokenization from a feature into a foundation for the future of open, interoperable private markets.”
Mike Weaver, Managing Director at North Capital, added that expanding liquidity through open systems and automation will catalyze the private securities market. Key features of Agora include a single integration for subscribers to access securities across all participating ATSs, ATS sovereignty over matching and compliance, a wholesale market limited to qualified institutional participants, and flexible protocols supporting REST API and FIX connectivity. Participant fees are designed to support allocated operating costs.
The Agora API framework is expected to be available in the first half of 2026. More information about the participants can be found on their websites: North Capital and tZERO.
