Who is Apex Clearing? Apex is one the most innovative clearing firms in the United States and is credited with the rise of robo advisory firms like Betterment and Wealthfront. A clearing firm is really essential for Broker Dealers and RIAs as they handle all of the transactions on the back-end functions.
Apex Crypto as it will be known as will offer its brokers and RIAs access to cryptocurrency market data, pricing, and confirmations. Apex will provide these services under a different entity from their FINRA regulated company. Clients will be able to move funds between the two entities seamlessly.
It is not just brokers and RIAs interested in offering cryptocurrencies to their clients. Hedge Funds and other Institutional Investors have indicated a great interest in cryptocurrency if the custodial challenges are met.
Apex has made it clear that this is a move towards the future and looks for significant adoption in the next five to ten years. Apex Clearing has indicated that they are not concerned about the regulatory future of cryptocurrencies in the US and that they are in constant discussions with regulators on the topics.
The move will immediately benefit one of Apex’s clients the mobile trading app Robinhood. Robinhood has been gradually rolling out its cryptocurrency offering on a state by state basis. Apex crypt will offer the most popular cryptocurrencies at first including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin