Digital Assets

Prometheum to Add Uniswap and Arbitrum to Custodial Platform

Thursday. August 22 at 6:30 AM

1 min. read

Prometheum, a digital asset trading and custody firm, has announced the addition of Uniswap and Arbitrum to its custodial platform alongside Ether. These tokens are labeled as 'digital asset securities' by Prometheum. Custodial services are expected to be accessible in the third quarter of this year. Despite potential controversy, Prometheum asserts that Uniswap (UNI) and Arbitrum (ARB) are securities, similar to Ether (ETH). Prometheum Capital, a subsidiary, will provide custody services for ETH, ARB, and UNI to corporate and institutional clients. The company is an SEC-qualified custodian and special purpose broker-dealer for digital asset securities. Prometheum's registration process and treatment of ETH have sparked debates within the crypto community. Uniswap and Arbitrum have also faced regulatory scrutiny but maintain their stance on decentralization. Prometheum's plans extend beyond custody services, with a focus on compliance and industry standards.

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Enhancing Security in UAE's Digital Asset Market

Friday. September 13 at 11:00 PM

The Central Bank of the UAE (CBUAE) has approved a custodial risk insurance product for digital assets, boosting security and trust in the market. OneDegree and Dubai Insurance have partnered to offer this insurance, aiming to attract more investors and comply with global standards. The insurance covers risks related to digital asset custody, strengthening the UAE's position as a blockchain hub. Custodial risk refers to potential loss or theft of digital assets, making insurance crucial for protection. The approval of this insurance product by the UAE Central Bank is expected to increase investor confidence, especially among institutional investors. Challenges include assessing the volatile nature of digital assets and evolving technology. Collaboration between regulators, insurers, and custodians is essential for developing effective insurance frameworks. The UAE's proactive regulatory environment positions it well to lead in developing comprehensive insurance solutions for the digital asset market.

Digital Assets

Digital Asset Securities Broker-Dealer Approval in the US

Wednesday. September 11 at 5:30 AM

The US has granted tZero Digital Asset Securities the status of a special purpose broker-dealer for digital asset securities. This approval from the SEC and FINRA allows tZero to custody digital asset securities for retail and institutional clients without a third-party custodian. tZero can now handle custody, clearance, and settlement of securities, making it a comprehensive platform for digital asset security issuance and trading. The company plans to launch this new service in early 2025, starting with the digitization of its Series-A preferred equity security. This move follows Prometheum, another SPBD recipient for digital securities. tZero and Prometheum's treatment of digital assets as securities has sparked debates in the crypto world. tZero, originally a cryptocurrency and securities exchange, closed its cryptocurrency operations in February 2023.

Digital Assets

Telefónica Integrates Polygon's Privado ID for Digital Identity Solutions in EU

Tuesday. September 10 at 8:30 PM

Spanish telecom giant Telefónica has become a system integrator of Polygon's identity solution, Privado ID, as the European Union moves towards adopting trusted digital identity wallets. Telefónica Tech, the digital business unit of Telefónica, will incorporate Privado ID's tools into its managed blockchain service, TrustOS. The collaboration aims to create proofs-of-concept for various digital identity use cases, such as age verification, e-signature solutions, and content certification. This initiative aligns with the upcoming European Digital Identity Regulation, which aims to provide citizens, residents, and businesses with a universally recognized digital identity for accessing public services and conducting transactions. The regulation mandates the establishment of technical standards by Nov. 21, 2024, including security, interoperability, and certification standards for wallets. Privado ID utilizes zero-knowledge cryptography to enable secure verification of personal attributes without revealing unnecessary personal data. The companies emphasize the importance of adopting compliant and innovative identity solutions in the evolving digital landscape.

Digital Assets