Prometheum Capital, an SEC-recognized cryptocurrency firm, has announced the addition of Uniswap (UNI) and Arbitrum (ARB) to its custodial services for US customers.
This expansion marks a significant step in the company’s ongoing efforts to enhance its cryptocurrency offerings and cater to the growing demand for secure digital asset storage solutions.
Prometheum adds UNI and ARB to its custodial platform
Prometheum Inc., through its subsidiary, revealed that corporate and institutional customers in the United States can now securely store Uniswap and Arbitrum tokens alongside Ethereum, which the firm began offering custodial services for in May 2024.
This move underscores Prometheum’s commitment to providing top-tier digital assets within its custody platform, positioning itself as a leader in the regulated cryptocurrency space.
The company’s latest announcement highlighted the significance of the added assets, stating,
Together, these three Digital Asset Securities (DAS) have a market cap of nearly $320 billion and are all among the top 50 digital assets by market cap.
This strategic addition reflects Prometheum’s focus on offering only the most prominent and reliable projects in the digital asset market.
Prometheum Capital utilizes blockchain technology to record crypto ownership on-chain, eliminating the need for intermediaries such as transfer agents.
This approach not only enhances transparency but also reduces the costs traditionally associated with recordkeeping.
By directly recording ownership on the blockchain, Prometheum ensures that its custodial services are both secure and efficient, catering to the needs of institutional investors.
The SEC-registered firm is set to launch its expanded custodial offerings to institutional customers in the third quarter of 2024.
Looking ahead, Prometheum plans to further broaden its range of custodial services to support various investment products, including debt, equities, ETFs, mutual funds, options, money market funds, and other investment contracts issued and transferred on the blockchain.
Only crypto asset brokerage firm with SEC approval
Prometheum Capital has established itself as a crucial player in the financial sector, being the only firm specializing in crypto asset brokerage with SEC approval.
This unique position allows the company to offer a level of regulatory assurance that is increasingly sought after in the volatile world of cryptocurrencies.
The market has responded positively to these developments, particularly within the crypto community. Both Arbitrum and Uniswap have seen price increases following the announcement.
Uniswap (UNI) experienced a nearly 8% gain, trading at $6.61, with a 20% surge in daily trading volume indicating strong market support.
Arbitrum (ARB), while slightly more volatile, showed resilience with a 1.15% gain, trading at $0.537 despite an 11% drop in daily trading volume.
These price movements suggest that the market views Prometheum’s recognition and custodial offerings as a positive endorsement of UNI and ARB, likely boosting their appeal to institutional investors.
As Bitcoin aims to breach the $60,000 mark, the broader cryptocurrency market is showing signs of recovery.
Continued rallies across the market could further bolster the prices of Uniswap and Arbitrum, potentially driving them to new highs in the coming sessions.
The recognition by an SEC-approved entity like Prometheum is expected to strengthen the position of these altcoins, solidifying their presence in the rapidly evolving crypto landscape.
Source : https://invezz.com/news/2024/08/21/prometheum-capital-announces-uniswap-and-arbitrum-custody-for-us-customers/
