Prometheum has disclosed the primary consumer for certainly one of its flagship infrastructure companies 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 industrial buyer for infrastructure it has spent years constructing underneath 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 via acquainted brokerage workflows.
From Regulatory Approvals to Infrastructure Deployment
Below 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 creating their very own custody infrastructure or integrating instantly with blockchain and pockets know-how.
Prometheum mentioned 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 Intently 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 underneath the Particular Function Dealer-Seller framework developed throughout former SEC Chair Gary Gensler’s tenure.
On the similar time, critics questioned whether or not the enterprise mannequin might achieve industrial traction given the restricted availability of tokenised securities and different digital property that match throughout the securities framework.
That skepticism has typically centred totally on whether or not there can be sufficient issuers and broker-dealers prepared to make use of the platform.
The Velocity Capital settlement offers an instance of early buyer adoption for one a part of Prometheum’s infrastructure.
The businesses didn’t specify which property might be supported, when buyer buying and selling will start, anticipated transaction volumes, industrial 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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