Prometheum has secured its first publicly disclosed client for its SEC-regulated omnibus crypto clearing service, marking a significant milestone for the controversial business model. Velocity Capital has signed on to use Prometheum Capital’s correspondent clearing platform for crypto asset execution, custody, clearing, and settlement. The arrangement allows Velocity Capital to offer digital asset products without building its own custody infrastructure or blockchain integrations.
Prometheum operates as one of few SEC-registered crypto broker-dealers under the Special Purpose Broker-Dealer framework approved during Gary Gensler’s SEC chairmanship. The firm has faced ongoing scrutiny over whether its heavily regulated approach could attract meaningful commercial adoption in a market where participants have historically favored less restrictive environments. Neither party disclosed which assets will be supported, transaction volumes, commercial terms, or whether the service is already operational.
FXnCO Insight
Traditional broker-dealers now have a proven pathway to offer crypto through regulated infrastructure, potentially accelerating institutional adoption while validating the compliance-first approach to digital asset distribution.
Source: Finance Magnates