Prometheum Rolls Out an Ethereum Custody Service

Reading time: < 1 minute

Prometheum, a digital asset trading and custody firm, has reportedly launched its controversial Ether (ETH) custody service in a soft launch.

The service treats digital assets as a form of security. A report from Fortune on May 20 states that the custody solution was quietly rolled out on May 17 to a select few companies, with a full-scale launch planned for June.

The target market for Prometheum’s services includes asset management firms, hedge funds, banks, and registered investment advisors.

The company plans to expand to retail clients in the future, potentially as early as 2024.

Prometheum gained attention in June of last year when co-founder and co-CEO Aaron Kaplan testified before a United States House Committee, expressing support for regulating cryptocurrency under existing securities laws – a view shared by the Securities and Exchange Commission (SEC).