On Thursday, Apifiny, a global digital asset trading and mining network, announced the companyâ€™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.
FINRA Grants Apifiny Prime a Broker-Dealer License
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 â€œtook advantage of this by buying and selling bitcoin across different exchanges.â€
Haohan Xu detailed in the company announcement concerning the FINRA approval, that his firm has grown significantly and saw a â€œ4x increase in monthly trading volume from November â€˜20 through March â€˜21, reaching nearly $1.4B.â€ 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.
â€œAs 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,â€ Haohan Xu remarked about the FINRA broker-dealer license approval.
Haohan Xu added:
Apifinyâ€™s Bitcoin Hashrate Token
Back in February, Apifinyâ€™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 â€œHash Hive Standard Hashrate Tokenâ€ otherwise known as â€œBTCHV.â€ The token is a â€œperpetual, compliant, and standardized token collateralized by Bitcoin hashrate,â€ 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 â€œaccelerate the growth of its global trading platform.â€
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 firmâ€™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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