Prometheum Capital has announced a strategic partnership with Broadridge Financial Solutions (NYSE: BR) to strengthen its post-trade lifecycle and back-office operations. The firm is set to introduce a suite of custody, clearing and settlement services for digital asset securities.
Promethium partners with Broadridge to enhance post-trade operations
Prometheum will leverage Broadridge’s shadow post trade processing solutions and business process outsourcing (BPO) tools. These solutions include a wide range of capabilities, including bookkeeping, trade capture, reconciliation and regulatory reporting.
“Collaborating with Broadridge is an important step in our business strategy,” said Benjamin Kaplan, CEO of Promethium. Their support is critical in advancing our mission of creating a well-regulated and efficient ecosystem for digital asset securities.”
This partnership follows several significant achievements for Prometheum in 2024, such as Albert P. Meo’s appointment as CFO and the company’s announcement of its intention to offer ETH custodial services. Prometheum plans to launch its custodial services this quarter.
“By combining our expertise with Promethium’s vision, we are empowering investors and businesses to shape the future of the financial industry,” added Zachary Dee, director and product head of Shadow Post Trade Processing Solutions at Broadridge.
Since its inception in 2017, Prometheum has been actively engaged in the cryptocurrency space. Within its first twelve months of operations, the company launched the first SEC-compliant ICO trading platform.
Broadridge and the Digital Asset Market
Broadridge has also made significant forays into the cryptocurrency, digital asset and blockchain technology space. Notably, in 2022, the company entered into a strategic partnership with Coinbase. The collaboration aims to increase interoperability between Coinbase Prime and Broadridge’s Trading and Connectivity Solutions’ NYFIX order-routing network. The partnership was created to boost the crypto market by improving liquidity and expanding crypto trading opportunities.
Furthermore, in 2021, Broadridge unveiled the latest iteration of its Private Market Hub platform. The platform is underpinned by Amazon Managed Blockchain from Amazon Web Services (AWS), underscoring the critical role blockchain plays in the evolution of financial technology.
This article was written by Damien Chmiel at www.financemagnates.com.