Prometheum has disclosed the primary shopper for one among its flagship infrastructure providers after years of questions over whether or not its SEC-regulated crypto brokerage mannequin might appeal to actual clients.
Velocity Capital has joined Prometheum Capital’s omnibus correspondent clearing platform. The deal offers Prometheum an early business buyer for infrastructure it has spent years constructing below the U.S. securities regulatory framework.
The corporate is positioning itself as a back-end supplier for conventional broker-dealers in search of entry to digital property and tokenised securities by way of acquainted brokerage workflows.
From Regulatory Approvals to Infrastructure Deployment
Underneath the association, Velocity Capital will use Prometheum Capital for crypto asset execution, custody, clearing, and settlement. The omnibus correspondent clearing mannequin permits broker-dealers to supply digital asset merchandise with out growing their very own custody infrastructure or integrating straight with blockchain and pockets know-how.
Prometheum stated the service is a part of its Digital Brokerage Options platform, which is designed to assist crypto property, together with tokenised securities, digitally native securities, and chosen crypto tokens inside conventional brokerage accounts.
The announcement follows Prometheum’s tokenised fairness demonstration with DTCC, wherein Velocity Capital additionally participated.
A Carefully Watched Participant in Regulated Crypto Markets
Prometheum is likely one of the few corporations working with SEC-registered crypto broker-dealer infrastructure and one of many first corporations to obtain approval below the Particular Objective Dealer-Vendor framework developed throughout former SEC Chair Gary Gensler’s tenure.
On the identical time, critics questioned whether or not the enterprise mannequin might acquire business traction given the restricted availability of tokenised securities and different digital property that match inside the securities framework.
That skepticism has usually centred totally on whether or not there could be sufficient issuers and broker-dealers prepared to make use of the platform.
The Velocity Capital settlement supplies an instance of early buyer adoption for one a part of Prometheum’s infrastructure.
The businesses didn’t specify which property will likely be supported, when buyer buying and selling will start, anticipated transaction volumes, business phrases, or whether or not the correspondent clearing relationship has already entered full manufacturing.
This text was written by Tanya Chepkova at www.financemagnates.com.
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