tZERO and North Capital Launch Agora Network to Link US Tokenized Securities Venues
tZERO Group and North Capital Investment Technology have unveiled a joint initiative aimed at breaking down long-standing fragmentation in the US private and tokenized securities market, announcing the creation of Agora, a network designed to connect alternative trading systems (ATSs) into a shared trading and discovery ecosystem.
The initiative brings together two of the most established ATS operators in the digital securities space, with the goal of enabling cross-platform access to tokenized and private securities without forcing venues to surrender control over matching, settlement, or compliance.
Agora is positioned as a foundational layer for interoperability in private markets, addressing one of the sector’s most persistent challenges: liquidity trapped inside isolated trading platforms.
Breaking Down Silos in Private Markets
Private securities and tokenized assets have historically been traded within closed ecosystems, with each ATS operating largely as a standalone venue. According to the companies behind Agora, that model has constrained liquidity formation and limited the reach of issuers and investors alike.
“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 markets.”
Agora is designed to allow securities listed on one participating ATS to be visible and tradable by qualified subscribers on another. Rather than requiring bespoke integrations between each venue, the network provides a shared routing and discovery layer that can scale as more platforms join.
Agora aims to unlock liquidity by connecting private and tokenized securities venues without forcing consolidation.
Preserving ATS Independence
A key principle of the Agora design is ATS sovereignty. Each participating trading system retains full control over its matching engine, settlement workflows, and regulatory obligations.
The network itself does not operate as an platform or ATS. Instead, it functions as a technical registry and routing layer that sits above existing venues, directing orders to the appropriate platform where the security is listed.
“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, Chief Executive Officer of tZERO. “Markets need connective tissue – not walled gardens.”
Konevsky added that Agora represents “an significant step toward a more open, interoperable market structure, where ATSs retain their independence while enabling assets and liquidity to move more freely across platforms.”
This architecture is intended to reassure both regulators and market operators that participation in the network does not dilute existing compliance frameworks.
Initial Rollout and Expansion Plans
The first phase of the Agora launch will focus on internal connectivity between the tZERO ATS and North Capital’s PPEX ATS. Qualified subscribers on each platform will be able to discover and trade securities listed on the other, validating the core routing and integration technology.
This initial stage is designed as a proof point, allowing both firms to test interoperability, order routing, and operational workflows before opening the network more broadly.
Subsequent phases will target expansion to additional third-party ATSs and liquidity providers, with the goal of building a multi-venue network spanning a wide range of private and tokenized assets.
“Real liquidity is unlocked when assets can move across interconnected markets and asset types,” said Konevsky. “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 network will launch with tZERO and PPEX before opening to additional ATSs and liquidity providers.
How the Agora Network Operates
Agora will operate as a wholesale market infrastructure, with access limited to qualified institutional participants. These include (RIAs), qualified institutional purchaviewrs (QIBs), and broker-dealers.
Subscribers connect once to the Agora network and gain the ability to discover and route orders to securities listed across all participating ATSs. When an order is submitted, Agora routes it to the venue where the asset is listed, leaving execution, settlement, and compliance entirely within that ATS.
The framework is designed to support both REST API and FIX connectivity, allowing integration with existing institutional trading systems.
According to North Capital, participant fees will be structured to support allocated operating costs, reinforcing the idea that Agora is shared infrastructure rather than a profit-maximizing venue.
Tokenization as the Underlying Enabler
While Agora is not itself a blockchain network, tokenization plays a central role in the initiative’s long-term vision. Both tZERO and North Capital argue that digitally native, regulated securities are easier to move across venues than traditional paper-based private assets.
When private assets are issued and maintained in tokenized form, they can more easily integrate into shared infrastructure, access multiple liquidity pools, and settle on 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,” Konevsky said. “That interoperability is what turns tokenization from a feature into a foundation.”
This framing positions Agora not just as a connectivity answer, but as a stepping stone toward a more unified digital .
Addressing Liquidity Constraints
Liquidity has long been the defining challenge in private markets. Even when investor demand exists, fragmented venues and limited visibility can prevent meaningful price discovery and trading activity.
By aggregating discovery across multiple ATSs, Agora aims to increase the effective audience for each listed security, improving the odds of matching purchaviewrs and tradeers.
Mike Weaver, Managing Director at North Capital, said the initiative is about more than just technology. “Expanding liquidity through open systems, open standards, and automation will provide a catalyst to unlock the private securities market,” he said.
For issuers, broader access could translate into more consistent secondary trading. For investors, it may mean improved transparency and more actionable opportunities.
By aggregating discovery across venues, Agora viewks to address one of private markets’ core liquidity difficultys.
Institutional-Only Focus
Unlike many retail-focused tokenization initiatives, Agora is explicitly positioned as an institutional network. Access is restricted to regulated market participants, reflecting the compliance realities of private securities trading in the US.
This focus aligns with both firms’ existing client bases and regulatory positioning, while also providing a .
The institutional scope may also make the model more palatable to regulators, who have expressed caution around retail access to private and tokenized securities.
Positioning Within the US Market Structure
Agora emerges at a time when US regulators and market participants are actively debating the future structure of private markets. Tokenization, ATS reform, and secondary liquidity have all become focal points.
Rather than proposing a new platform or marketplace, tZERO and North Capital are betting that shared infrastructure can deliver many of the identical benefits without disrupting existing regulatory frameworks.
This incremental approach may give Agora an advantage over more radical proposals that viewk to bypass or replace established market structures.
Timeline and Next Steps
The Agora API framework is expected to be available in the first half of 2026, marking the next concrete milestone for the initiative.
Between now and then, the focus will remain on validating the internal connectivity between tZERO and PPEX, refining operational processes, and preparing the network for additional participants.
Both firms have indicated that onboarding additional ATSs will be critical to realizing Agora’s full potential.
Looking Ahead
The launch of Agora reflects a growing consensus that private and will not reach scale without interoperability.
By positioning Agora as connective tissue rather than a controlling venue, tZERO and North Capital are attempting to balance innovation with regulatory pragmatism.
If successful, the network could serve as a model for how private markets evolve in the US: not through consolidation, but through coordinated infrastructure that allows liquidity to flow more freely.
Whether Agora can deliver on that ambition will depend on adoption, regulatory comfort, and the willingness of other ATSs to participate. But the message from its founders is clear: fragmentation is no longer sustainable, and interoperability is the next frontier.
