U.S. crypto firm Prometheum plans to broaden its custody services by including Uniswap (UNI) and Arbitrum (ARB) tokens as securities.
Custody Services Expansion
Prometheum plans to start accepting UNI and ARB tokens in September, alongside Ethereum’s ether (ETH). This decision aligns with the SEC’s new digital asset transaction stipulations but might cause controversy within the crypto industry.
Crypto Industry Response
In May, Uniswap Labs disapproved of the SEC’s consideration of the UNI token as a security, claiming that the regulator is trying to expand its jurisdiction. Benjamin Kaplan, CEO of subsidiary Prometheum Capital, mentioned that the firm aims to provide investors access to top digital and tokenized assets, including bonds, equities, ETFs, mutual funds, and other investment contracts on a blockchain.
Compliance with SEC Rules
Prometheum distinguishes itself from the rest of the crypto industry by following the SEC’s guidelines to treat cryptocurrencies as investment assets. The company will segregate its custodial platform and trading system into different entities under the SEC’s framework. SEC Chair Gary Gensler has praised the platform, though the company has yet to provide an earnings review.
Prometheum is making strides towards becoming a comprehensive platform for crypto transactions, despite criticism from parts of the industry. The company's future steps and their impact on the market will be closely watched.
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