Prometheum Inc. Announced Plan To Launch Custody Service First For Ethereum
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Prometheum Inc. Announced Plan To Launch Custody Service First For Ethereum

Prometheum Inc., the only SEC-registered crypto securities platform in the United States, has announced that Ethereum (ETH) will be the first digital asset for which it will launch a custody service for its customers.

According to Fourtune, Prometheum Inc. is the only crypto securities platform registered with the SEC in the USA. 

The company announced that the first digital asset for which it will launch a custody service for its customers will be Ethereum (ETH).

At this point, Prometheum, which is trying to break new ground as the first and only crypto company registered with the SEC, stated that the company will add a number of other cryptocurrencies before launching its crypto trading activities.

The company stated that they plan to launch the Ethereum custody service for institutional customers in late March, with trading launching towards the end of the second quarter.

See Also: Ethereum Foundation Seeks Ways To Reduce Ethereum Maximum Block Size

Legal experts told Fourtune that the company’s move is part of a larger strategy to get US regulators to define Ethereum as a security.

Because, although the SEC has so far said that many cryptocurrencies are securities, it has refrained from making a definitive and clear statement about the legal status of ETH.

Company founders Aaron and Benjamin Kaplan brothers also agree with the SEC’s assessment that most cryptocurrencies are securities and think like the SEC.

In the face of this situation, experts said that Prometheus’ move to launch its Ethereum custody service could force the SEC to resolve the long-standing ETH problem.

Experts also added that Prometheum’s announcement of ETH custody services indicates that the company is on track to offer ETH trading services to institutional investors later this spring.

“You have to have custody before you trade. I hope our Ethereum decision will move the ball forward,” Aaron Kaplan told Fourtune. said.

What Is Prometheum?

Prometheum, a company founded by two brothers named Aaron and Benjamin Kaplan, received approval from regulatory authorities in 2021 to operate an alternative trading platform similar to cryptocurrency exchanges, where users can buy and sell different securities.

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