Prometheum (www.prometheum.com), a blockchain-based financial platform for creating and publicly trading cryptosecurities, has acquired a version of InteliClear´s (http://www.inteliclear.com) post-trade solution technology, laying the groundwork for Prometheum to become the first alternative trading system (ATS) able to clear and settle cryptosecurity trades, the company said.
At the heart of every US clearing firm is its securities processing system (“the clearing system”). This end-to-end technology, which ensures compliance with the Securities Exchange Act (“SEA”), is used in the traditional stock market to finalize trades between customers, brokers, and exchanges. While technology exists today that allows digital assets (tokens) to be stored in digital wallets, this storage method does not qualify as a true clearing and custodial solution for cryptosecurities as it fails to comply with the SEA.
For the first time, Prometheum, via the integration of InteliClear´s technology, is streamlining the processing and clearing of trades in the cryptosecurity industry while complying with regulation.
InteliClear´s technology serves as a major leap forward for Prometheum in its mission to become the first compliant end-to-end cryptosecurities trading platform. InteliClear´s system is currently used by traditional US clearing firms and has been examined on multiple occasions by the SEC and FINRA. By integrating InteliClear´s system with Prometheum´s blockchain technology, Prometheum clearing will be the compliant clearing solution for cryptosecurities.
Prometheum has updated its Regulation A+ offering to reflect it´s recent advances in technology, including the Inteliclear acquisition, as well as key hires, and related business processes as it nears SEC qualification. Prometheum initially filed its Regulation A+ cryptosecurity offering with the SEC in November 2017, as the first company to publicly do so, for qualification of its own Ember smart security token, in which it aims to raise USD 50 million.
Founded in 2017 by a group of Wall Street lawyers, Prometheum is an innovative blockchain company engaged in building the first compliant end-to-end ecosystem for cryptosecurities. Smart security tokens are born and traded on the network, where the Prometheum blockchain tracks transactions for secure clearing and settlement within 24 hours.
InteliClear is a high performance post trade processing solution that has been developed in the 21st Century for back office operations utilized by Correspondent Clearing, Self-Clearing and Omnibus Broker Dealers.