Prometheum Ember ATS has launched its alternative trading system platform to provide trading services to investors under an SEC-regulated atmosphere.
Despite the regulatory uncertainty plaguing the cryptocurrency industry in the United States, the Securities and Exchange Commission (SEC) has labeled certain digital assets as securities. Consequently, these assets will require registration with the agency and an SEC-regulated environment to thrive.
In this regard, Prometheum Ember ATS seeks to provide consumers with a trading environment under the absolute regulation of the SEC through the launch of its ATS platform, as revealed in a press release Wednesday.
The platform will present digital security trading options for both retail and institutional clients. To facilitate this development, Prometheum ATS has partnered with California-based digital asset medium Anchorage Digital Bank which will provide custody and settlement services for the recently-launched platform.
Prometheum ATS operates as a broker-dealer registered with and overseen by the Financial Industry Regulatory Authority (FINRA) and fully regulated by the SEC as a dealer of digital asset securities.
Considering the recent wave of debacles and rug pulls witnessed in the cryptocurrency scene of late, a properly regulated space that can promote proper consumer protection measures has become crucial.
Prometheum ATS seeks to provide a platform overseen by the FINRA and SEC under federal securities laws for consumers to trade digital assets considered securities confidently.
“For too long, digital asset trading has been conducted on unregulated platforms instead of on a platform that works within the current SEC framework for digital asset securities. Prometheum sets itself apart by maintaining the ability to be sustainably compliant under current securities laws, ensuring the multi-layer protections and standards required on Wall Street,” Aaron Kaplan, founder and Co-CEO of Prometheum said.
As a means to ensure better trading liquidity, Prometheum’s modus operandi involves integration with legacy securities trading systems.
Prometheum achieves this through a direct connection with eligible custodians to expedite swift and effectual settlements. Furthermore, through the utilization of blockchain, settlements are handled within a day without the need for intermediaries.
Per the announcement, the currently supported digital asset securities at launch include Compound (COMP), The Graph (GRT), Flow (FLOW), Filecoin (FIL), and Celo (CELO). Additionally, institutional investors patronizing the platform at launch will see a 50% discount on transaction fees for six months.
In addition to offering secure trading services, the recently-introduced platform from Prometheum will feature several other offerings, including:
- Depth of market, Level 2 data, order and execution management, and customizable historical charts.
- Full access functionality for all users, regardless of trading activity, volume, experience, or account size.
- Automated systematic matching for buy and sell orders of digital asset securities.
Launched in 2017 and headquartered in New York City, Prometheum aims to provide market offerings for investors in a thoroughly regulated environment to ensure efficient consumer protection measures and full compliance with federal laws.