Uphold cryptocurrency wallet and trading platform has received regulatory approval to purchase JNK Securities, a US brokerage firm.
In an announcement from Uphold today, the Financial Industry Regulatory Authority, or FINRA, gave the company the green light to acquire JNK Securities. Uphold said the acquisition was aimed at allowing the platform to launch fractional stocks in the United States later this year, in addition to providing an interface for users to trade between crypto, stocks, credits from carbon, precious metals and other assets.
“Bitcoin to Tesla stock in a seamless user experience will soon become a reality for our US customers,” said Uphold CEO JP Thieriot. “This move will introduce unprecedented speed and convenience for retail investors looking to trade between traditional and emerging asset classes.”
According to Uphold, this would make the platform one of the first crypto firms to own a broker licensed to offer shares on an omnibus basis to retail investors in the U.S. Investors would be able to buy fractions. actions in the same way. Crypto users don’t have to buy an entire Bitcoin (BTC), Ether (ETH), or any number of tokens. The company has announced plans to increase its stock offering from 50 U.S. stocks to 3,500 stocks and options in 2021.