Apex Clearing, which offers clearing and custody services for robo advisors, is launching a cryptocurrency platform that allows broker-dealers and investment platforms to offer crypto investing to their clients. The new platform was developed in partnership with the company’s crypto custody offering, dubbed Apex Crypto.
The fintech company allows clients to open cryptocurrency accounts to buy and trade tokens. In their initial launch, Apex says Bitcoin, Bitcoin Cash, Ethereum, and Litecoin would be the first cryptocurrencies it would offer support for, with plans to add more coins based on demand.
Apex Clearing will open the door for more digital wealth companies to include the virtual asset class into their clients’ portfolios alongside traditional brokerage assets, which has been disjointed in the past. From a legal and regulatory standpoint, the platform will offer compliant custody and trading services for clients in most states. However, other states still need additional licensing.
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Apex introduces the technology in conjunction with SogoTrade
The business, which was initially announced in mid-2018, is also teaming up with US discount broker-dealer SogoTrade to introduce customized solutions that allow investors access to quotes, market data, and pricing through Apex’s proprietary technology. The firm claims its crypto platform will allow firms that are affiliated with Apex Clearing to offer crypto assets to more than 5 million current account holders.
“The interest and demand for cryptocurrency continues to rise. With Apex Crypto, investors have unprecedented access to this important asset class. It’s never been easier to buy or trade cryptocurrency,” said Edward Haravon, Chief Operating Officer at Apex Crypto.
Bill Capuzzi, CEO at Apex Clearing, added: “We want to change how people fundamentally think about their finances. Our integration with Apex Crypto helps financial firms give their clients a streamlined way to invest in a wider variety of asset classes in a way that feels part of – not separate from – the rest of their investment portfolio.”