Prometheum, a blockchain-based fintech and market ecosystem, has announced that US-based financial services firm Velocity Capital is the first client of its subsidiary’s omnibus correspondent clearing service.
Prometheum Capital, a US Securities and Exchange Commission (SEC)-regulated Financial Industry Regulatory Authority (FINRA) member, provides the clearing service offering as part of its digital brokerage solutions, spanning clearing, custody, and trading services.
According to Prometheum, its subsidiary’s solutions enable broker-dealers to offer clients access to crypto assets — such as digitally native and tokenised securities, as well as select crypto tokens — through TradFi brokerage accounts.
Additionally, under the terms of the introducing arrangement, Velocity Capital is said to possess the ability to access crypto asset execution, custody, clearing and settlement, forgoing the need for the technology itself or the custodial infrastructure to offer tokenised and crypto assets to its clients.
Speaking on the partnership, Joseph D’Alessio, digital asset business development, Velocity Capital, says: “Working with Prometheum Capital gives us a straightforward, compliant way to access crypto asset custody without building or operating that infrastructure ourselves, and their support will make it possible for us to participate in the opportunities in tokenised securities as those assets grow.”
Aaron Kaplan, founder and co-CEO of Prometheum, adds: “Broker-dealers are the critical link that will distribute tokenised securities to the millions of investors they serve, but only if they have SEC-registered custodial infrastructure built to support crypto assets.
“This kind of correspondent clearing relationship is a pathway for other broker-dealers seeking to access crypto or tokenised assets, offer new products, and build new revenue streams as digital markets emerge.”
Prometheum says that, as tokenisation transitions into the production stage, broker-dealers need crypto asset custodial infrastructure to be held to the same operational and regulatory rigour as the rest of their endeavours.
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