The Prometheum subsidiary got the green light to offer correspondent clearing for on-chain securities.
Market infrastructure provider for blockchain-based securities Prometheum has received approval for its SEC-registered special purpose broker-dealer subsidiary to offer correspondent clearing services to third-party broker-dealers.
Correspondent clearing allows one broker-dealer to execute trades through another and settle those trades via a third, separate clearing broker-dealer.
As a qualified custodian for institutional and retail investors, Prometheum Capital currently provides custody services for digital asset securities. The new offering means it can now clear, settle, and custody on-chain securities on behalf of other broker-dealers, especially those interested in blockchain-based assets.
Prometheum Capital’s expansion into correspondent clearing comes amid a surge in on-chain activity, with over $24 billion in securities now issued on blockchain networks. As more product issuers embrace blockchain to distribute digital securities, Prometheum sees clearing services as a key piece of infrastructure.
According to officials at the firm, correspondent clearing is a vital gateway to broader market access and will help support the shift toward blockchain-based capital markets. As such, they are betting that increased adoption will not only boost institutional adoption of tokenized assets but also accelerate the broader modernization of U.S. financial market infrastructure.
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