The popular security token exchange Prometheum announced the acquisition of the InteliClear clearing system this month. The addition places Prometheum as the front runner to be the first SEC-filed all-inclusive Alternate Trading System (ATS). The news showcases the growing competition in the sector and symbolizes a shift in strategies amongst the top exchanges.
An Industry First
Currently, no ATS has the ability to clear transactions in house. Traditionally, exchanges utilize a third-party clearinghouse to complete trades per the Security Exchange Act (SEA). This process adds time and additional fees to the transaction. Prometheum seeks to speed up the entire process via the InteliClear integration. Now clients can settle transactions in hours versus days.
Discussing the maneuver, Prometheum CEO, Aaron Kaplan called the acquisition a “milestone” for the security token industry. He spoke on why InteliClear’s system is an excellent addition to the company’s portfolio. Finally, he discussed the importance of Prometheum becoming the first end-to-end security token trading solution.
The Prometheum exchange entered the market with the goal to provide users with a complete ecosystem for tokenized securities. The New York-based firm was one of the first tokenized securities platforms available to the public to register with the SEC. The company originally filed with the SEC back in November 2017.
Investors now gain access to more value after the InteliClear acquisition. InteliClear provides businesses with a host of helpful pre and post-trade services. The company uses a custom-built transaction engine that enables importation of trades and transactions from multiple sources. These turnkey and custom solutions enable businesses to fulfill their STO ambitions with the least amount of funding necessary.
The InteliClear system supports tokenized equities, options, fixed incomes, mutual funds, money/market products, and of course, tokenized assets. The global network is able to utilize a host of national currencies and can handle real-time, high volume, operations. The platform automatically calculates trade compression, fees, commissions, and billing to simplify the entire process for businesses.
Security Token Sector Gets More Competitive
The security token arena continues to see more competition develop. The recent SEC approval of numerous A+ filings enables platforms such as Prometheum to take its platform to the next level. Today, the number of security token exchanges in operation continues to expand at an impressive rate. Already, the SEC approved Blockstack, the Props Project, and YouNow’s STO platforms this year. After taking over a year to approve some of these projects, the news is welcomed by the cryptocommunity.
Prometheum Leads the Race
Prometheum now has the tools and capabilities to take a strong lead in the developing security token sector. You can expect to hear more from this exchange as it continues on its STO launch course. For now, Prometheum is the only security token exchange to provide such robust functionality in the market.