Prometheum Inc. has unveiled its plans to debut its digital asset securities custody platform in the first quarter of 2024. This announcement follows the recent approval from the Financial Industry Regulatory Authority (FINRA) granting it the status of a Special Purpose Broker-Dealer (SPBD) for the custody of digital asset securities. In an expansion of its business, Prometheum Capital LLC, a subsidiary of Prometheum Inc., will also venture into the clearing and settlement of digital asset security trades for its affiliate, Prometheum Ember ATS.
The green light from FINRA serves as the final regulatory approval needed for Prometheum to introduce trading and custody services for digital asset securities in 2024.
Prometheum Capital stands out as the sole SEC-qualified custodian and special purpose broker-dealer dedicated to digital asset securities. While some digital asset platforms operate with U.S. state licenses or are regulated overseas, Prometheum Capital operates in compliance with U.S. federal securities laws.
The expansion of Prometheum Capital’s SPBD business positions the company to provide a groundbreaking blockchain-enabled ecosystem capable of servicing the entire lifecycle of digital asset trading within the framework of federal securities laws. Prometheum’s SEC-qualified custodian status enables the offering of pioneering digital asset custody services.
Co-CEO of Prometheum, Inc., Aaron Kaplan, emphasized the industry’s maturation, stating, “Prometheum’s ability to now clear and settle under federal securities laws and our subsequent launch is a clear representation of the maturation of the digital asset industry. We are seeing a turning of the page towards greater investor protections and federal oversight of markets, and Prometheum is excited to stand at the forefront of this next chapter.”
Starting in Q1 2024, Prometheum will initiate custodial services for a range of widely traded digital asset securities, catering primarily to institutional clients such as asset management firms, hedge funds, registered investment advisors (RIAs), and financial institutions. This milestone marks the first instance of digital asset securities being custodied at a FINRA member firm and an SEC-registered broker-dealer subject to federal securities laws. Subsequently, trading and clearing services will be made available to both retail and institutional clients.
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