Fortune: Prometheum Launches Ethereum Custody Service

BlockBeats news, May 20, according to Fortune magazine, last Friday, compliant digital asset company Prometheum launched Ethereum custody services. This move is noteworthy because Prometheum operates in a way that classifies the token as a security and is subject to supervision by the U.S. Securities and Exchange Commission (SEC). The launch of the custody service seems to verify the position of Gary Gensler, chairman of the U.S. SEC, who refuted the broader crypto industry's view that the existing regulatory system is sufficient and effective.

"This eliminates a lot of arguments about the inability to operate under current laws," said Aaron Kaplan, co-CEO of Prometheum Inc., the parent company of the entity that launched the Ethereum custody service.

Prometheum Inc., a subsidiary of Prometheum that holds a broker license, has soft-launched the product with a small number of companies and plans to fully launch the custody service in early June.