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Prometheum, a digital asset company, has finally released its highly anticipated Ethereum Custody service, marking Ethereum as a designated security.
Prometheum, a digital assets platform, has initiated the soft launch of its Ethereum custody service as it prepares to fully roll out crypto services later this quarter. Fortune was the first to report on the product launch, marking it as the first of its kind in the digital currency ecosystem.
Prometheum’s Stance Regarding Ethereum
Prometheum has made waves in the digital currency landscape with its contentious stance on the security classification of various assets, including Ethereum.
The recent soft launch of Prometheum’s Ethereum custody service underscores its view of Ethereum as a security compliant with current federal regulations.While some in the industry argue against categorizing assets like Ethereum as securities, Prometheum has taken a different approach. 
Despite skepticism about the feasibility of registering with the United States Securities and Exchange Commission (SEC), Prometheum has successfully obtained approval.
Ethereum was chosen as the inaugural asset for Prometheum’s custodial service back in February, a decision reflecting the platform’s co-founder Aaron Kaplan’s advocacy for SEC compliance.
According to Kaplan, “It eliminates a lot of the arguments that things can’t be done under existing laws…It marks the first time that… an investment contract digital asset security is being custodied and treated under the securities laws,” as mentioned in an interview with Fortune.
Targeting asset managers, crypto-focused hedge funds, and banks, Prometheum’s Ethereum custody service has stirred controversy with its endorsement from both the Financial Industry Regulatory Authority (FINRA) and the SEC. Despite this, Prometheum is poised to capitalize on the expanding Ethereum ecosystem.
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