Anchorage Digital Bank, a pioneer of digital asset custody, and cryptocurrency trading platform Prometheum are in the final approval phase for an alternative trading system, or ATS, tailed specifically for crypto investors.

Prometheum Ember ATS, also known equally PEATS, is vying to bring culling trading system technology to digital assets. PEATS will open to traders awaiting final regulatory approval by the United States Securities and Commutation Commission, or SEC. PEATS is currently undergoing the SEC's rigorous "Three-Pace Procedure" for approval a public ATS. Once launched, Anchorage will custody all digital avails transacted through PEATS.

Commonly found in traditional financial markets, an ATS is a public platform that matches the buy and sell orders of its users. Equally such, information technology is not regulated as an exchange. ATS accounts represent a significant share of liquidity found on publicly-traded markets worldwid

Aaron Kaplan, founder and co-CEO of Prometheum, explained the significance of an ATS organisation for cryptocurrency markets:

"A public ATS for digital avails volition allow more efficient order matching and better price discovery, bringing smaller price spreads and simplified participation for all investors."

Nathan McCauley, Anchorage's president and CEO, said "regulatory clarity is the building block for enabling wide participation of digital assets."

In one case launched, PEATS is expected to be a full-service electronic market providing on-concatenation custody and settlement. It will be regulated by the SEC and Financial Industry Regulatory Authority, or FINRA.

Anchorage appears poised for growth later the company earned the first digital bank charter from the Function of the Comptroller of the Currency, or OCC, earlier this year. In February 2021, Anchorage successfully raised $80 1000000 in Series C funding led past GIC, Singapore's sovereign wealth fund.