On Thursday, Apifiny, a global digital asset trading and mining network, announced the company’s subsidiary Apifiny Prime has been granted a broker-dealer license from the Financial Industry Regulatory Authority (FINRA). The firm now joins the ranks of brokerage and exchange businesses like Coinbase, Etoro, and Circle.
The leading regulator that oversees American broker-dealers, FINRA has granted a broker-dealer license to Apifiny Prime. The license allows Apifiny to make private investor placements and vend securities, cryptocurrencies, stocks, and other types of financial products. Apifiny was founded by Haohan Xu in 2018 after he saw inefficiencies across global bitcoin exchanges, and said that he “took advantage of this by buying and selling bitcoin across different exchanges.”
Haohan Xu detailed in the company announcement concerning the FINRA approval, that his firm has grown significantly and saw a “4x increase in monthly trading volume from November ‘20 through March ‘21, reaching nearly $1.4B.” Since the company started, it has expanded across five continents and 12 countries.
In order to keep the inefficiencies across global cryptocurrency exchanges at bay, Apifiny is partnered with 24 exchange partners. Ten of the two dozen are new and include top trading platforms like Hbtc, Huobi, Ascendex, and Crypto.com.
“As we accelerate our product development, partnerships, hiring, and overall growth toward a public offering, securing this first phase of our broker-dealer license is a major milestone,” Haohan Xu remarked about the FINRA broker-dealer license approval.
Haohan Xu added:
This new license will allow us to better serve innovative crypto startups seeking capital and is another point of validation that we’re well-positioned to capture an enormous market opportunity in global digital asset trading. The license granted to Apifiny by FINRA also demonstrates the strength of our internal controls and compliance.
Back in February, Apifiny’s founder told the financial columnist Nate DiCamillo that the company aims to go public by the end of 2021. On April 22, the wholly-owned subsidiary of Apifiny, 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,” the recently published Apifiny BTCHV summary explains.
A great number of companies have stepped into the bitcoin mining foray, and Apifiny said that the firm entered bitcoin mining in order to “accelerate the growth of its global trading platform.”
The company believes the FINRA license will expand the acceleration of Apifiny Prime as well, as the licensure will provide the company with a myriad of different choices. While the trading platform will face the likes of competition such as Gemini, Coinbase, Etoro, and Circle, the operation will continue to leverage the firm’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 subject in the comments section below.
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