Securities firm Prometheum successfully secures $20 million in funding
Prometheum Secures $20 Million for Fintech Disruption
Prometheum, a digital asset custodian, has announced a $20 million fundraising round to expand its public market infrastructure and further its commitment to fintech disruption. The funds will primarily be used to expand VLRM Markets' existing business, launch new tokenized projects, and support the broader fintech ecosystem.
With this investment, Prometheum, currently one of two firms with a special purpose broker dealer license from the SEC, continues to make waves in the digital asset industry. The company custodies digital assets such as Ethereum, The Graph, Uniswap, and Arbitrum, and offers digital asset custodial services to financial institutions and institutional investment firms.
Aaron Kaplan, founder and co-CEO of Prometheum, explained that the blockchain offers instantaneous settlement and related cost savings, making it an attractive option for financial institutions looking to issue securities. He further stated that the disruption in the banking space is driven by various schools of thought and disruptors, with the blockchain offering a better means of record keeping and taking less human involvement.
The capital raise will also support the launch of trading services, working with major institutions to issue additional securities on chain, and expanding operational resources. In 2024, while many crypto and fintech firms were reducing staff, Prometheum grew its employee base by 60%, with a new hire joining the team this week as the 62nd employee.
Prometheum plans to launch trading services in the first quarter of 2025, and the funds raised will enable the company to continue hiring. The funds for the development came from an unnamed group of high-net worth individuals and institutions.
It's worth noting that this fundraising is focused on leveraging blockchain technology and tokenization as tools for disruption in the fintech and banking sectors. While there are no public details linking this investment to other fintech technologies or broader banking industry disruptions beyond this emphasis on tokenized projects and ecosystem growth, it's clear that Prometheum is positioning itself at the forefront of this exciting and transformative space.
- The funds raised by Prometheum, amounting to $20 million, will be utilized to launch new tokenized projects, indicating their intent to invest in fintech disruption.
- In the digital asset industry, Prometheum, with its expertise in fintech, offers custodial services for digital assets like Ethereum, The Graph, Uniswap, and Arbitrum, catering to financial institutions and institutional investment firms.
- The disruption in the fintech and banking sectors, driven by various schools of thought and disruptors, is seen as an opportunity by Prometheum, with the blockchain technology being a primary tool for this disruption.
