tZERO Group and North Capital Investment Technology announced Agora, a technology network connecting alternative trading systems (ATS) to enable broader market access for tokenized securities and other private securities.
Agora will allow securities listed on one ATS to be accessible to qualified subscribers of another ATS, expanding market reach and potential liquidity without requiring bespoke integrations between platforms. Participating ATSs will retain full control of their matching engines, settlement processes, and compliance procedures.
“Private securities markets have operated in silos for too long,” said Jim Dowd, CEO 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.”
“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,” said Alan Konevsky, CEO of tZERO. “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. That kind of networked infrastructure is essential to building scalable, efficient private markets.”
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.
“Real liquidity is unlocked when assets can move across interconnected markets and asset types,” Konevsky added. “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.
“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 infrastructure that allows liquidity to aggregate naturally across platforms.”
“Expanding liquidity through open systems, open standards, and automation will provide a catalyst to unlock the private securities market,” said Mike Weaver, managing director at North Capital.
How Agora works
Agora will operate as a technical registry and routing layer – not 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 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
Single integration: Subscribers to connect once to access securities across all participating ATSs
ATS sovereignty: Each ATS to maintain control of matching, settlement, and compliance.
Wholesale market: Access limited to qualified institutional participants [registered investment advisors (RIAs), qualified institutional buyers (QIBs), broker-dealers].
Flexible protocols: Support for REST API and FIX connectivity.
Shared infrastructure: Participant fees designed to support allocated operating costs.
The Agora API framework is expected to be available in the first half of 2026.