Apex Clearing, a digital wealth management provider, announced today that it will be launching a new cryptocurrency technology. This will allow broker-dealers and other online investment platforms working with the firm to offer their investors access to digital assets as well as brokerage assets.
The new service will be offered via Apex Crypto, a separate entity, and is expected to be available from the fourth quarter of this year. Through Apex’s crypto entity, its clients will be able to offer investors access to a range of cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Litecoin, among others. The firm will add currencies along the way based on retail demand.
Commenting on the new service, Bill Capuzzi, the CEO of Apex Clearing, said: “Demand continues to surge for crypto, and Apex is meeting the needs of tech savvy investors by providing the seamless investing experience they want and expect. We are helping our clients break down barriers to provide the speed, efficiency and flexibility they need to serve the next generation of investors.”
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Through Apex Crypto’s proprietary technology, investors will also have access to quotes and market data with transparent pricing and unique statements and confirmations for their digital currency holdings. For legal and regulatory reasons the digital assets will be held separately from traditional assets, this will not over-complicate the process of opening accounts between entities.
Apex aims to streamline the investment process for traditional and digital assets
The announcement is not overly surprising. With cryptocurrencies becoming increasingly popular, more and more financial institutions are looking to adopt the digital assets. Bitcoin, in particular, is the most popular of the more than 1,600 available currencies. At the moment there is around $100 billion worth of Bitcoin in circulation.
According to the statement, the launch of Apex Crypto aims to streamline the investment process for both digital and traditional assets. At the moment, the process to invest in both brokerage assets and cryptocurrencies has been disjointed.