Prometheum To Offer Regulated Ether Custody In US: 'Ethereum First And Many More Thereafter'
Portfolio Pulse from Murtuza Merchant
Prometheum Inc., a U.S.-based crypto securities platform with regulatory approval, plans to offer Ethereum's Ether (ETH) custody services to its clients. Despite not generating revenue yet, the co-CEOs aim to start these services soon, with plans to expand to other significant tokens. Prometheum's move into regulated crypto custody and trading could influence how the SEC views ETH, amidst debates over its classification as a security or commodity. The company targets asset managers, hedge funds, and banks, potentially benefiting from SEC rules on crypto asset custody.
February 07, 2024 | 8:06 pm
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Prometheum's entry into regulated ETH custody services and its potential influence on SEC's classification of cryptocurrencies could impact Coinbase Inc., especially given ongoing legal debates over crypto securities.
Prometheum's initiative to offer regulated ETH custody services and its potential to influence the SEC's stance on cryptocurrencies could have implications for Coinbase Inc. (COIN), especially as it faces legal challenges regarding the classification of cryptocurrencies as securities. However, the direct impact on COIN's stock price in the short term is uncertain, given the complexity of regulatory outcomes and their indirect relationship with Coinbase's business model.
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