More than a year after Mr. Burton revealed his big plans, Orchard has completed just a scattering of transactions. But its long-term plan always included creation of what Mr. Burton calls a “many-to-many” trading platform. In late September, Orchard postponed the unveiling of the trading platform, newly named “Orchard X,” to November from October. Although Orchard X would receive commissions for all such sales, it would not clear and settle the auctions like an exchange. Having raised $30 million in 2015, Orchard plans to announce next month that it has raised an additional $20 million or more and to formally roll out its revised Orchard X transaction platform.

Source: New York Times May 29, 2017 21:56 UTC