Dinari, a San Francisco-based firm, has obtained a US broker-dealer registration for its subsidiary, allowing it to offer blockchain-based shares of publicly traded companies to domestic investors. This development was reported by Reuters on June 26.
The company plans to activate the licensed entity next quarter, following the completion of its onboarding process with the Securities and Exchange Commission (SEC).
Dinari currently distributes “dShares” on Coinbase’s Base network to users outside the US. With the new registration, it can now offer the same product to American brokerages and fintech applications through APIs, rather than a direct-to-consumer portal.
CEO Gabriel Otte stated that Dinari has secured integration partners. The company will route trades to registered market centers while settling token issuances on a public blockchain.
Tokenizing equities involves converting traditional shares into digital tokens recorded on a blockchain. Proponents of this method suggest it can reduce clearing fees, accelerate settlement times to near real-time, and support continuous trading.
Dinari’s registration aligns with SEC requirements that secondary trading in securities, including tokenized forms, must occur through licensed intermediaries. Coinbase and Kraken are also pursuing similar initiatives. Kraken has announced a 24/7 trading platform for US stocks, and Coinbase recently sought SEC permission for a similar offering.