Anchorage Digital Bank stands as a pioneer within the digital asset custodian space, with Prometheum being a cryptocurrency trading platform. Both Anchorage and Prometheum are within the final stages of approval for a new alternative trading system (ATS) developed with crypto investors in mind.
ATS Entering The Crypto Space Potentially
The platform will go by the name Prometheum Ember ATS, using the PEATS acronym. PEATS aims on providing an alternative trading system technology to the crypto trading space at large. As it stands now, PEATS has yet to gain the final regulatory approval from the US Securities and Exchange Commission (SEC), but will launch once it gains this.
As it stands now. PEATS is in the process of the SEC’s “Three-Step Process” in order to gain the needed approval as a public ATS. Once PEATS launches, it will make use of Anchorage in order to serve as custodian for all the transacted digital assets within the platform.
An ATS stands as a public platform matching the buy and sell orders of its respective users, and is commonly found amongst the traditional financial markets. These platforms aren’t as regulated as an exchange proper, with ATSes representing a sizable percentage of the world’s publicly-traded markets’ liquidity.
The Mandatory Public Statements
Aaron Kaplan stands as the co-CEO and founder of Prometheum, and gave a brief explanation over the matter at large. He stressed that a public ATS for the digital asset space will enable a more efficient process when it comes to price discovery and order matching. This, in turn, simplifies the participation of all investors and brings down the price spreads to boot.
Nathan McCauley stands as the CEO and President of Anchorage, and gave his own statements about the matter. McCauley highlighted that one of the building blocks needed for broad-based user participation within the digital asset space is regulatory clarity.
Crypto Space Evolving
It should be noted that Anchorage was one of the first companies to earn itself a digital bank charter from the Office of the Comptroller of the Currency, or OCC. This happened earlier this year, with Anchorage managing to raise another $80 million by way of a Series C funding round that occurred in February of this year. This funding round saw big names like the Singapore Sovereign Wealth Fund and the GIC take part.
Time will tell how successful this platform will be. At the very least, this ATF platform could serve as a way to further innovate within the ever-growing cryptocurrency space.