"Fortune": Prometheum Launches Ethereum Custody Service

ChainCatcher news, according to Fortune magazine, last Friday, the compliant digital asset company Prometheum launched Ethereum custody services. This move is noteworthy because Prometheum operates by classifying the token as a security and accepting oversight from the U.S. Securities and Exchange Commission (SEC). The launch of this custody service seems to validate SEC Chairman Gary Gensler's stance, who has countered the broader crypto industry's view that the existing regulatory framework is sufficient and effective.

"This eliminates a lot of the debate about being unable to operate under current laws," said Aaron Kaplan, co-CEO of Prometheum Inc., the parent company of the entity launching the Ethereum custody service.

Prometheum's subsidiary, Prometheum Inc., which holds a broker-dealer license, has soft-launched the product with a small number of companies and plans to fully roll out the custody service in early June.