On Thursday, Apifiny, a global digital asset trading and mining network, announced that the company’s subsidiary Apifiny Prime has received a broker-dealer license from the Financial Industry Regulatory Authority (FINRA). The company is now joining brokerage and exchange companies such as Coinbase, Etoro and Circle.
FINRA grants Apifiny Prime a broker-dealer license
FINRA, the leading regulator that oversees US broker-dealers, has granted Apifiny Prime a broker-dealer license. The license allows Apifiny to place private investors and sell securities, cryptocurrencies, stocks and other types of financial products. Apifiny was founded in 2018 by Haohan Xu after seeing inefficiencies in global bitcoin exchanges, saying he “took advantage of this by buying and selling bitcoin on various exchanges.”
Haohan Xu explained in the company’s announcement of FINRA approval that his business has grown significantly and saw a “4x increase in monthly trading volume from November ’20 through March ’21, to nearly $ 1.4 billion. ” Since the start of the company, it has expanded across five continents and 12 countries.
To keep the inefficiencies between global cryptocurrency exchanges at bay, Apifiny is working with 24 exchange partners. Ten out of two dozen are new and include the best trading platforms such as Hbtc, Huobi, Ascendex and Crypto.com.
“As we accelerate our product development, partnerships, hiring and overall growth towards a public offering, obtaining this first phase of our broker-dealer license is an important milestone,” commented Haohan Xu of FINRA’s broker-dealer license approval.
Haohan Xu added:
This new license allows us to better serve innovative crypto startups looking for capital and is another point of validation that we are well positioned to take advantage of a huge market opportunity in global digital asset trading . The license granted to Apifiny by FINRA also demonstrates the strength of our internal controls and compliance.
Apifiny’s Bitcoin Hashrate token
In February, Apifiny’s founder told financial columnist Nate DiCamillo that the company is aiming to go public by the end of 2021. On April 22, Apifiny’s wholly owned subsidiary, Hash Hive, launched the ‘Hash Hive Standard Hashrate Token’, otherwise known as ‘BTCHV’. The token is a “perpetual, compliant and standardized token collateralized by Bitcoin hashrate,” explains Apifiny BTCHV’s recently published summary.
A large number of companies have entered the bitcoin mining quest, and Apifiny said the company entered bitcoin mining to “accelerate the growth of its global trading platform.”
The company believes that the FINRA license will also increase the acceleration of Apifiny Prime as the licensing status will provide the company with a wide variety of choices. While the trading platform will face competition such as Gemini, Coinbase, Etoro and Circle, the operation will continue to leverage the company’s distributed trading network (DTN).
What do you think about Apifiny Prime getting a broker-dealer license from FINRA? Let us know what you think about this topic in the comments section below.
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