DALLAS, June 27, 2019 /PRNewswire/ -- Apex Clearing Corporation and Apex Crypto have announced the launch of a first-of-its-kind cryptocurrency platform that provides broker-dealers and financial advisors with access to a simple, fast and effective way to introduce digital currency trading into their clients' portfolios.
Tech-enabled workflows from Apex Clearing and the Apex Crypto platform allow investors to transition between trading equities and trading cryptocurrency in just a few clicks, opening and funding new accounts in minutes compared to what has historically taken weeks when moving assets from a traditional investment account to a standalone cryptocurrency platform.
Additionally, the throughput and scalability of the Apex Clearing account opening process allows for tens of thousands of accounts to be opened in a day providing an advantage when crypto trading volumes are high.
Apex Crypto is introducing the technology in conjunction with SogoTrade, Inc., a U.S.-based online discount broker-dealer and Apex Clearing client. The crypto platform is now available to all Apex Clearing clients, making digital currencies more readily accessible to more than 5 million current account holders.
"The interest and demand for cryptocurrency continues to rise," said Edward Haravon, Chief Operating Officer at Apex Crypto. "With Apex Crypto, investors have unprecedented access to this important asset class. It's never been easier to buy or trade cryptocurrency."
In April, the combined value of the cryptocurrency market grew to nearly $186 billion, its highest level since November 2018. Bitcoin, the most popular of the more than 16,000 cryptocurrencies, has a total market capitalization of $144 billion.
The Apex Crypto platform allows broker-dealers and financial advisors to meet legal and regulatory guidelines by holding crypto assets in separate accounts while still offering a fast, efficient, user friendly and holistic experience. At launch, Apex Crypto is offering access to four of the most-popular coins: Bitcoin, Bitcoin Cash, Ethereum and Litecoin. It is available to investors in 40 states and the District of Columbia, with additional states expected to join in the future.
"We want to change how people fundamentally think about their finances," said Bill Capuzzi, CEO at Apex Clearing. "Our integration with Apex Crypto helps financial firms give their clients a streamlined way to invest in a wider variety of asset classes that feels like part of their core portfolio, while still being handled on a separate platform for regulatory purposes."
Founded in 2012, Apex Clearing, the digital clearing and custody engine behind hundreds of financial firms, is using best-in-class practices to develop and refine the cryptocurrency platform. Both Apex Clearing and Apex Crypto are subsidiaries of PEAK6 Investments LLC, a firm that invests in and operates financial, technology and consumer companies, with a successful record of growing businesses and transforming industries.
"We're excited to be one of the first online broker-dealer firms providing access to seamless cryptocurrency investment," said Jonathan Yao, CEO of SogoTrade, Inc. "Our clients want innovative solutions, and Apex Crypto allows us to meet the growing demand for digital currencies while also maintaining the user experience our clients expect. As a satisfied client of Apex Clearing, we're confident that Apex Crypto will provide the same level of innovation and ease of use."
SogoTrade is initially rolling out the platform to its U.S.-based clients with an international expansion planned for the near future.
About Apex Crypto, LLC
Apex Crypto is a cryptocurrency platform that provides broker-integrated trading and investment. A separate entity to Apex Clearing, Inc., Apex Crypto is available to all Apex Clearing clients and offers consolidated reporting and money management for a truly seamless experience. The Apex Crypto platform allows broker-dealers and financial advisors to meet legal and regulatory guidelines by holding crypto assets in separate accounts while maintaining an overall integrated approach. Apex Crypto offers access to many of the most popular coins and is available to investors in 40 states and the District of Columbia, with additional states expected to join in the future. For more information, visit www.apexcrypto.com.
About Apex Clearing Corporation
Apex Clearing is a custody and clearing engine that's powering the future of digital wealth management. As a technology firm, Apex Clearing delivers speed, efficiency and flexibility to firms ranging from innovative start-ups to blue-chip brands focused on growth.
Apex Clearing's fully-integrated, customized solutions allow registered investment advisors (RIAs), digital advisors, fintech firms, broker-dealers and full-service firms to reach more investors and deliver the seamless digital experiences consumers expect. Founded in 2012 and based in Dallas – with offices in New York City, Chicago and Portland, Oregon – Apex Clearing Corporation is registered with the SEC, a member of FINRA and a participant in SIPC. For more information, visit https://www.apexclearing.com/.
About SogoTrade, Inc.
SogoTrade, Inc. has served investors since 1986. SogoTrade has one of the lowest commission rates in the industry; investors can trade stocks and exchange-traded funds online for as low as $2.88. Although known for our innovation and deep-discounted commissions, our real value is providing the help and support our customers need to achieve their investing and trading goals. Open an account today, and you will soon discover how paying lower fees can help you gain more when you trade with SogoTrade. Visit SogoTrade online at www.SogoTrade.com.
JConnelly for Apex Clearing/Apex Crypto
SOURCE Apex Clearing and Apex Crypto