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Highlights
- Prometheum adds Uniswap (UNI) and Arbitrum (ARB) to its custody service for US clients.
- The expanded custody service allows institutional clients to securely store UNI and ARB alongside Ethereum.
- The UNI price soared nearly 7% following the announcement, while ARB price surged 1%.
Digital assets firm Prometheum has revealed its plan to offer Uniswap (UNI) and Arbitrum (ARB) custody for US clients alongside Ethereum. Notably, the firm has previously launched Ether custody as a security offering earlier this year. Notably, the UNI price surged about 7% following the announcement, while ARB was up about 1%.
Prometheum Expands Custody Service With UNI & ARB
A subsidiary of Prometheum Inc. has announced the addition of Uniswap and Arbitrum to its custodial platform. It marks a significant step forward for the firm in expanding its digital asset security offerings. Notably, this latest addition would allow institutional and corporate clients in the US to securely store these assets along with ETH.
Prometheum said that the combined market valuation of these three assets is nearly $320 billion. It highlights the dominance and significance of these three crypto in the digital asset space.
Meanwhile, the firm’s approach to custody involves using blockchain technology to record on-chain ownership. Besides, it would eliminate the need for traditional intermediaries like transfer agents. This method, according to the announcement, would enhance transparency and reduce costs for the users. In other words, the features will make it further attractive to institutional investors.
Prometheum CEO Benjamin Kaplan remained focused on adhering to federal securities laws. He said that the firm focuses on providing a regulated mechanism for traders to participate responsibly in the digital asset market.
UNI Price Rallies 7%
The UNI price rallied nearly 7% following the announcement, exchanging hands at $6.59. Its one-day trading volume soared 18% to $97.69 million. On the other hand, the ARB price was up around 1% to $0.5378, with its 24-hour trading volume declining 10% to $133.27 million.
Meanwhile, this latest launch by Prometheum is part of its broader plan to expand its custody services in Q3 2024. The company aims to include other digital assets, such as debt, equities, ETFs, mutual funds, options, and money market funds, all issued and transferred on a blockchain.
The firm’s strategy is to align itself with the U.S. Securities and Exchange Commission’s (SEC) stance on treating digital assets as securities. However, this move is seen as a controversial yet bold move in the industry.
Meanwhile, the firm’s decision to treat UNI and ARB as securities aligns with the SEC’s view that most digital assets should fall under its jurisdiction. However, this stance puts it at odds with much of the crypto industry, where many argue that digital assets should not be classified as securities.
Notably, the firm’s earlier announcement of Ethereum custody raised eyebrows in the crypto community due to its potential conflict with the CFTC.
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