Prometheum Inc., announced its plan to launch its digital asset securities custody platform in Q1 2024. Following its recent membership approval with Financial Industry Regulatory Authority (“FINRA”) to operate as a Special Purpose Broker-Dealer (“SPBD”) to custody digital asset securities, Prometheum Capital LLC, a subsidiary of Prometheum Inc., today expanded its business to include clearing and settlement of digital asset security trades for its affiliate, Prometheum Ember ATS (“Prometheum ATS”).
This marks the final regulatory approval required for Prometheum to offer, through its affiliate, trading and custody of digital asset securities in 2024.
Prometheum Capital is the only SEC – qualified custodian and special purpose broker-dealer for digital asset securities. While some digital asset platforms operate with U.S. state licenses and/or are regulated abroad, Prometheum Capital operates under U.S. federal securities laws.
The expansion of Prometheum Capital’s SPBD business will empower Prometheum to offer the first blockchain-enabled ecosystem capable of servicing the lifecycle of digital asset trading under the federal securities laws. Prometheum’s SEC- qualified custodian allows it to offer first-of-its-kind digital asset custody services.
“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,” Prometheum, Inc. Co-CEO Aaron Kaplan said. “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.”
Prometheum will begin offering custodial services for a range of widely traded digital asset securities to institutional clients including asset management firms, hedge funds, RIAs, and financial institutions in Q1 2024, marking the first time that digital asset securities will be custodied at a FINRA member firm and a SEC-registered broker-dealer subject to the federal securities laws. Soon after, trading and clearing services will be available to retail and institutional clients.
Source: Prometheum
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