Digital Currency Exchange Uphold To Acquire NYC Broker-Dealer JNK Securities Corp

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The digital currency exchange, Uphold recently announced its plans to acquire the New York City-based broker-dealer JNK Securities Corp. Analysts believe that with this new acquisition the exchange for currencies and digital coins is trying to push its presence in the more regulated markets. JNK Securities is the member of New York Stock Exchange.

The cryptocurrency exchange has not disclosed any details related to the terms of the agreement. However, if the Financial Industry Regulatory Authority approves the acquisition, Uphold will file for approval from the U.S. Securities and Exchange Commission so that it can start operating as an alternative trading system.

JNK & Uphold to benefit from the deal

According to reports, if Uphold succeeds in acquiring JNK, the compliance footprint of the exchange and its service offering and customer base will expand. JNK clients too will benefit from the acquisition as they will gain access to the fiat trading pairs as well as Uphold’s crypto assets.

According to the CEO of Uphold, Adrian Steckel, “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.”

Uphold is the creator of a transparent, open digital money platform allowing quick and safe access to traditional currencies, virtual currencies and all the other investments at one place. The exchange until now has carried out transactions of over $3 billion in around 184 countries. It supports four commodities and 30 currencies on its platform.

According to Stecker, making both the ATS coverage and broker-dealer service available on one platform is the key to protecting its customers and build a top-class financial services ecosystem. He further added that Uphold is proud to serve as a compliant financial services platform that works with the regulators to provide transparent and trusted access to the online financial services across the globe.

New securities division of Uphold to offer ICO tokens trading

Stecker stated that many crypto assets especially ICO tokens can be considered as securities in certain cases. According to the CEO of Uphold, the digital currency platform of the company through its new securities division will offer trading of ICO tokens and fractional equities as well as provide exchange-related services.

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