In a bold stride towards capitalizing on the burgeoning tokenization market, Prometheum, a firm often at the center of debates within the digital asset securities sector, has announced its acquisition of ProFinancial—a registered broker-dealer and FINRA member. Simultaneously, it’s unveiling a digital transfer agent, both registered with the U.S. Securities and Exchange Commission (SEC), according to an exclusive disclosure to CoinDesk. This strategic maneuver positions Prometheum to provide a fully regulated pathway for companies looking to raise capital through tokenized securities, thus marking a significant milestone in the firm’s evolution.
A New Chapter in Asset Tokenization
The acquisition of ProFinancial grants Prometheum the ability to offer primary sales of tokenized securities, streamlining the capital-raising process for issuers. Meanwhile, Prometheum Coinery will manage shareholder records and orchestrate corporate actions, enhancing both on-chain and off-chain operations. This advancement builds upon Prometheum’s existing framework, which includes custody, clearing, and secondary trading services through its affiliated broker-dealers, Prometheum Capital and Prometheum ATS.
Aaron Kaplan, co-CEO of Prometheum, shared his enthusiasm with CoinDesk, stating, “Securities, commodities, everything else is moving on-chain, and there needs to be an infrastructure for that. [There’s] a pie that’s going to grow significantly, just like everything went from paper to electronic.” Kaplan believes that Prometheum is strategically positioned to be a pivotal player in this expanding ecosystem.
Riding the Wave of Regulatory Warmth
This development comes at a time when asset tokenization is gaining momentum, partly due to a seemingly warmer regulatory stance towards digital assets in the U.S. Tokenization leverages blockchain technology to manage and transfer traditional financial instruments like bonds and securities, offering enhanced operational efficiency and quicker settlements. Industry reports from BCG, Ripple, McKinsey, and 21Shares project the tokenized asset market could swell to trillions in the coming years, underscoring its potential profitability. As explored in our recent coverage of MultiBank, MAG, Mavryk’s $3B RWA tokenization deal, the scale of tokenization efforts is rapidly expanding.
Not surprisingly, firms are scrambling to establish a foothold in this lucrative sector. Recently, Superstate registered its transfer agent with the SEC and launched a tokenized equity trading platform. Securitize, with backing from BlackRock and Jump Crypto, acquired MG Stover’s fund administration, while Apex Group snapped up tokenization player Tokeny. For a deeper dive into the strategic moves within the industry, see our coverage of the Tokenized Apollo Credit Fund’s DeFi debut.
Prometheum’s move, however, stands out due to its comprehensive, vertically-integrated approach. Kaplan elaborated, “It’s a much bigger lift than what was done previously with these other [tokenization] firms. Creating a digital token of an asset is the ‘low-hanging fruit,’ while being able to handle trading and post-trading are ‘exponentially harder.'”
Navigating a Complex Landscape
Founded in 2017, Prometheum has often found itself in the spotlight, especially given its efforts to align with the SEC under the leadership of Gary Gensler, known for his stringent crypto oversight. The firm’s focus on securities-centric services for cryptocurrencies such as ether (ETH) has divided opinions within the industry. Yet, with its latest undertakings, Prometheum aims to offer a seamless, fully-integrated platform for tokenized securities, spanning from issuance to market trading and custody—all under the purview of U.S. securities laws.
Kaplan pointed out the significance of their approach, noting, “The harder parts are what we built first,” a strategy that contrasts with other firms that tackled simpler aspects initially. “Other [firms] went the other route, which was the lowest hanging fruit first, and they’ve had a harder time transitioning the other way,” he added.
Looking Ahead: Challenges and Opportunities
As Prometheum sets its sights on the future, the firm faces both opportunities and challenges. The tokenization trend is expected to reshape the financial landscape, but questions linger on how regulatory environments will continue to evolve and whether the market’s projected growth will meet expectations. Moreover, as more firms enter the fray, competition will intensify, potentially squeezing margins and pushing companies to innovate even further.
For now, Prometheum seems poised to leverage its unique positioning and regulatory compliance to carve out a significant share of the tokenization pie. However, as with any nascent market, the road ahead is fraught with uncertainties. Whether Prometheum can maintain its momentum and navigate these challenges remains to be seen. But one thing is clear: the race to lead the tokenization revolution is just getting started.
Source
This article is based on: Prometheum Eyes U.S. Tokenization Boom With Acquisition and Fully Regulated Stack
Further Reading
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- US crypto groups urge SEC for clarity on staking
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
