The Financial Industry Regulatory Authority (FINRA) has approved a subsidiary of crypto financial services firm Prometheum Inc. to offer clearing and settlement services, in addition to custody services.
FINRA outlined the approval in an expanded membership letter sent to Prometheum Ember Capital on Dec. 20 that is awaiting signatures by both parties before it is final.
A representative for Prometheum shared the redacted letter from FINRA. FINRA said it had no comment.
Prometheum Ember Capital in May 2023 became the first SEC-registered broker-dealer and FINRA member firm to operate as a special purpose broker-dealer (SPBD) for digital asset securities. This status has created consternation among competitors including Coinbase, which said in an April court filing that SEC compliance is not compatible with digital asset securities.
Prometheum has yet to begin trading. It will launch custody services for digital asset securities in the first quarter, said a company spokesman.