A firm that specializes in custody and clearing services for top robo advisors like Betterment and Stash has plans to a launch its crypto custody offering as soon as this month, Business Insider has learned.
Apex Clearing will look to go live with Apex Crypto soon — potentially in February — according to a source familiar with the matter. The business, which was initially announced in September 2018, will allow broker-dealers and investment platforms to offer crypto investing to their clients.
When first announced, Apex said publicly it planned on rolling out the services in the fourth quarter of 2018. An Apex spokesperson declined to disclose why the launch of the crypto services was delayed, but said Apex Crypto is still set to go live in the coming months.
“Apex Clearing is committed to helping its clients provide cryptocurrency trading more seamlessly and expects to rollout the capability via Apex Crypto, a separate entity, in early 2019,” an Apex spokesperson told Business Insider.
Apex Crypto will open the door for more digital wealth companies to offer crypto products to its clients. The crypto service will be able to offer custody services for clients in most states, however there are around a dozen it needs additional licensing for, the source said.
In their initial announcement in September, Apex said bitcoin, bitcoin cash, ethereum and litecoin would be among the first currencies it would offer support for, with plans to add more based on demand.
Several traditional financial firms, such as Goldman Sachs and State Street, have reportedly been working on custody offerings for crypto over the past year. Many in the industry have speculated that the only way to entice more Wall Street firms to get involved in cryptocurrency is through the entrance of established custodians. Fidelity officially announced its plans to offer custody for crypto in October 2018. Bloomberg News reported the firm was targeting a go-live date of March.