A firm which aims to be the go-to digital asset securities custody platform has hired a Wall Street veteran as its chief financial officer.
Former Morgan Stanley executive director of regulatory policy Albert P. Meo becomes CFO of Prometheum Inc., a firm founded in 2017 by a group of Wall Street attorneys to offer an end-to-end, blockchain-enabled ecosystem for the trading, clearance, settlement and custody of digital asset securities.
Meo has wide experience of the financial industry, including roles at Goldman Sachs and Nomura, and has in-depth knowledge of regulatory compliance and risk management. He will oversee financial planning, reporting, and liquidity risk management for the firm.
"It’s an exciting juncture in Prometheum’s trajectory to be joining the firm. The company's commitments to compliance and innovation are perfectly suited for my professional values and skills alike. I look forward to contributing to the success of Prometheum in the dynamic digital asset landscape," Meo said in a statement..
Prometheum subsidiary Prometheum Capital is a SEC-registered special purpose broker-dealer and a member of Finra, and approved to operate to provide custodial, clearing, and settlement services for digital asset securities. It became the first to be regulated under federal securities law rather than at state level or through international approvals.
“Prometheum’s ability to now clear and settle under federal securities laws and our subsequent launch is a clear representation of the maturation of the digital asset industry,” Prometheum Inc. Co-CEO Aaron Kaplan said. “We are seeing a turning of the page towards greater investor protections and federal oversight of markets, and Prometheum is excited to stand at the forefront of this next chapter.”
The firm’s platform is due to start offering services to institutional clients including asset management firms, hedge funds, RIAs, and financial institutions during the current quarter.
Insiders say the Wall Street giant is looking to let clients count certain crypto holdings as collateral or, in some cases, assets in their overall net worth.
The two wealth tech firms are bolstering their leadership as they take differing paths towards growth and improved advisor services.
“We think this happened because of Anderson’s age and that he was possibly leaving,” said the advisor’s attorney.
The newly appointed leader will be responsible for overseeing fiduciary governance, regulatory compliance, and risk management at Cetera's trust services company.
Certain foreign banking agreements could force borrowers to absorb Section 899's potential impact, putting some lending relationships at risk.
How intelliflo aims to solve advisors' top tech headaches—without sacrificing the personal touch clients crave
From direct lending to asset-based finance to commercial real estate debt.
