Why Uphold wants to acquire New York Broker Dealer?

- Advertisement -

As of now, US Governors are looking quite unwilling to start a cryptocurrency trading market, several firms have discovered new ways to provide the services. One of them is Uphold, a Cryptocurrency-based services platform, which declared its scheme to start registering Initial Coin Offering using the securities division.

Presently Uphold supports 8 main cryptocurrencies such as Bitcoin, Bitcoin Cash, Ethereum, and Ripple. Apart from this, the exchange also supports 4 important precious metals and about 23 fiat currencies.

Uphold consists users from more than 180 countries. The firm has filed a request to the Financial Industry Regulatory Authority (FINRA), the main body directly looking after NYSE, to acquire JNK securities, a broker-dealer from New York. Along with the purchase, Uphold would get all the assets and broker-dealer registration. This registration will be helpful for Uphold to provide Cryptocurrency Transactions. Also, Uphold would receive an extra bonus, which is to market the current user base of JNK.

Any of the ICOs or Tokens which will be declared as Securities by SEC would be controlled by solid rules as compared to other cryptocurrencies. Due to this reason, Uphold wants to increase their selection of digital coil offerings. However, the deal still needs the acceptance from the U.S Financial Industry Regulatory Authority (FINRA). If FINRA approves the deal, Uphold will then list tokens, ICOs, and all the other Cryptocurrency assets which are considered as Securities under SEC (Securities and Exchange Commission).

Uphold CEO, Adrian Steckel declared, “We have kept a close eye on statements from global regulators regarding virtual currencies and tokens and believe that many crypto assets (particularly ICO tokens) may be treated as securities in some cases. Through our new securities division, we would be able to offer sales and trading of ICO tokens and fractional equities and provide other exchange services, under the oversight of the SEC and FINRA.”

This new step by Uphold comes just after two popular firms, Coinbase and Circle, who have also taken identical steps in order to expand their business. Before few days, Coinbase purchased registered brokerage company. Now, Coinbase manages broker-dealer license and registrations in order to work as an Alternative Trading System and also a Registered Investment Advisor (RIA).

Apart from this, Overstock as popular American Retailer has also purchased financial services company and it Supports ATS Registration to work as ATS via tZero subsidiary. But in the case of Uphold, all the deals should be first of all certified by FINRA.

- Ad -

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisement -
- Advertisement -

The Investment of the Decade by Teeka Tiwari: What Is It?

Teeka Tiwari's Investment of the Decade is a new special broadcast of his highly popularly, wildly successful Palm Beach Letter newsletter research program. While there...

Top 11 Best Financial Investment Email Newsletters of 2020

Financial investment newsletters provide stock tips and analysis. A good financial investment newsletter helps you understand the market. It alerts you to upcoming trends before...

How to Earn Bitcoin: 27 Best Ways to Get Paid in Crypto (2020)

Most assume the only way to get bitcoin is to buy it. However, as this guide will show, there is a multitude of ways...

Best Blockchain Stocks: Top Blockchain Companies for Investors in 2020

Ten years ago, no one had heard of “blockchain”. Over the last five years, however, blockchain has been one of the biggest trends in...

Latest News & Updates

Project 303: The Extra Income Project by Andrew Keene

The Great Recession in 2008 cast a dark shadow over the financial portfolios of the whole country. With few people left untouched, it took...

True Wealth Real Estate by Dr. Steve Sjuggerud: Newest Breakthrough Service

In a recent presentation, Dr. Sjuggerud unveiled his plans for a new project poised to help investors get hold of assets with profit-generating potential....

EtherChain: Smart Contract Ponzi Scheme Running on Ethereum Blockchain

Looking closely at EtherChain, it can easily be seen that this system is nothing short of an MLM Ponzi scheme, that runs on the...

Crypto Engine Review: Crypto Auto Trading Platform in Fact Another Scam?

Bitcoin Engine looks more like a scam automated trading software and app. It’s advertised to be a crypto robot that can offer investors the...

Every investment is risky and carries a real chance at losing or gaining. None of the information here is to be considered investment advice. Seek a professional investment advisor consultation before making any investment.

No GainBitcoin contributor is licensed under securities laws and is not qualified to give personal investment advice. Read the about page and all accompanying policies for more details.

More Articles Like This

Best Blockchain Stocks: Top Blockchain Companies for Investors in 2020

Ten years ago, no one had heard of “blockchain”. Over the last five years, however, blockchain has been one of the biggest trends in...

How to Earn Bitcoin: 27 Best Ways to Get Paid in Crypto (2020)

Most assume the only way to get bitcoin is to buy it. However, as this guide will show, there is a multitude of ways...

Teeka Tiwari's The Final 5: 5 Coins to $5 Million Jetinar Details

Teeka Tiwari's The Final 5: 5 Coins to $5 Million Jetinar Palm Beach Research Group's Teeka Tiwari is hosting his 5 Coins to $5 Million:...

The Investment of the Decade by Teeka Tiwari: What Is It?

Teeka Tiwari's Investment of the Decade is a new special broadcast of his highly popularly, wildly successful Palm Beach Letter newsletter research program. While there...

Timed Stocks: Accelerated by Jeff Brown: Latest Intel Shared

Looking to make money off of investments? Not sure where to begin? To pinpoint where the money lies, investor Jeff Brown put together an...

Dave Forest’s Strategic Investor: Lithium Geo-Tech Fuel Tesla Deal Report

With the coronavirus pandemic currently ravaging the global economy mercilessly, more and more people are looking to make smarter investment choices so that they...