tZERO Group, Inc. and North Capital Investment Technology, Inc. announced the successful routing of the first order via the Agora Network, a shared infrastructure designed to connect alternative trading systems (ATSs) for tokenized and private securities. This milestone, announced July 7, 2026, transitions the vision outlined in their strategic partnership in January 2026 into live operations, enabling qualified participants to identify trading interest and route orders across connected venues while preserving the independence and compliance frameworks of each participating ATS.
The Agora Network was created to address fragmentation in private and tokenized markets, where issuers, investors, and intermediaries have historically operated within isolated marketplaces. By providing a common discovery and routing framework, Agora allows ATS participants and their broker-dealer and institutional customers to connect to multiple ATS venues without requiring bespoke integrations with each platform. The initial phase connects tZERO’s ATS and North Capital’s PPEX ATS, allowing eligible customers to identify potential trading interest and route orders through the shared framework without directly accessing the other firm’s ATS.
“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.”
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 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.
