Prometheum, a digital asset securities platform, has partnered with Anchorage Digital Bank to launch a public Alternative Trading System (ATS) for digital assets.
Anchorage is the crypto custodian and infrastructure provider behind the USD Coin settlement pilot announced by Visa.
The ATS is a FINRA and SEC-regulated trading system that allows investors to trade digital asset securities and will be operated by Prometheum Ember ATS (“PEATS”), Prometheum’s wholly-owned subsidiary.
Aaron Kaplan, Founder and Co-CEO of Prometheum, said: “A public ATS for digital assets will allow more efficient order matching and better price discovery, bringing smaller price spreads and simplified participation for all investors. With Anchorage’s digital asset banking approval, we are even more encouraged about the regulatory environment going forward and are confident we have chosen the right partner.”
The PEATS ATS will be open to trading pending regulatory final approval and, once launched, Anchorage Digital Bank will custody digital assets transacted through PEATS.
In January 2021, the Office of the Comptroller of the Currency (OCC) has granted conditional approval to Anchorage Digital Bank National Association, making it the first federally chartered digital asset bank.
Nathan McCauley, President and CEO of Anchorage Digital Bank, said: “Regulatory clarity is the building block to enabling broad participation in digital assets. At Anchorage, it’s by operating in existing regulatory frameworks so we can bring innovations to market with capable builders like Prometheum.”
Prometheum will be a full-service SEC and FINRA registered electronic market integrating both traditional and blockchain technology for the trading of digital asset securities, with on-chain custody and settlement provided by Anchorage Digital Bank.
Prometheum has made a number of acquisitions to stand where it is today. In September 2019, the firm purchased a version of InteliClear’s post-trade solution technology, which provides a clearing solution currently used by numerous traditional U.S. clearing firms. Prometheum also acquired Manorhaven Capital LLC, a licensed broker-dealer.