Prometheum Executes First Crypto Trades After Nearly a Decade, $100M Raised
Prometheum, after nearly a decade and raising $100 million, has executed its first crypto trades, initially limited to Ethereum. Co-CEO Aaron Kaplan claims the platform aligns with market tokenization trends and aims to integrate digital assets with traditional investments under one regulatory roof. The launch occurs amid a drastically changed regulatory climate following Gary Gensler's departure from the SEC. Despite industry skepticism and a bitter feud with critics who mocked its slow progress, Prometheum now offers crypto trading to broker-dealers and registered investment advisors. However, the SEC's revised guidance now allows traditional broker-dealers to custody digital asset securities without Prometheum's specialized license, potentially undermining its competitive edge. Kaplan remains optimistic, viewing the development as beneficial for crypto by opening access to millions of accounts.
Key facts
- Prometheum executed its first crypto trades after nearly a decade and $100M raised.
- Initially limited to Ethereum; more digital assets expected soon.
- Launch occurs post-Gensler SEC, amid eased crypto enforcement.
- SEC revised guidance may reduce Prometheum's regulatory advantage.
- Kaplan says platform bypasses ETF fees, offers direct crypto access.