The controversial company Prometheum is open for custody of digital securities, adding Optimism and The Graph to its list, though most of the industry disagrees on securities labels for most tokens.
While the broader crypto industry fights with the U.S. Securities and Exchange Commission about the agency's labeling of most tokens as securities, Prometheum is swinging open its doors for a long-awaited test of its strategy to assume the SEC is right.
Prometheum's untested advantage is that it was the first fully registered crypto special-purpose broker dealer under the SEC's rules, and it's licensed for clearing and settlement, making it a potential one-stop shop as the business becomes fully operational.
Much of the rest of the industry and prominent Republican lawmakers claim it's impossible to run such a crypto business under the existing securities laws, and Prometheum hasn't yet disclosed any customers or revenue to prove its critics wrong.
Prometheum Capital's addition of the tokens from Optimism, an Ethereum-based layer-two blockchain, and The Graph, a decentralized protocol for indexing and querying data from blockchains, was announced alongside the grand opening.
"We're trying to be the PayPal of the digital asset industry," said Aaron Kaplan, who shares the CEO duty with his brother, in an interview with both Kaplans.
"This is just the beginning," Benjamin Kaplan said of the launch with five eligible tokens. "We're going to have quite a full vending machine."
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