Prometheum subsidiary Prometheum Ember Capital has received approval from the Financial Industry Regulatory Authority (FINRA) as a special purpose broker-dealer (SPBD) for digital asset securities. This approval allows Prometheum to custody digital asset securities on behalf of retail and institutional clients.
FINRA’s designation of Prometheum Ember Capital as an SPBD makes it a qualified custodian, subject to provisions of the United States Exchange Act of 1934. It is the first firm to offer digital asset custody as a qualified custodian. FINRA is the self-regulatory body of the U.S. securities industry. Other digital asset custody providers have state licenses.
Prometheum co-CEO Aaron Kaplan said in a statement:
“Digital asset investors in the U.S. are currently custodying cryptocurrencies that are securities through platforms that don’t offer the same SEA 15c3-3 [Rule] customer protections required by the federal securities laws.”
Prometheum Ember Capital will offer custody services to institutional and retail customers. Individual investors are currently invited to sign up for a waitlist on the firm’s website.
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