Crypto wallet and trading entity Uphold has reportedly been successful in securing regulatory greenlight from FINRA to finalize the acquisition of JNK Securities – a broker-dealer from the US.
Specifically, the U.S. Financial Industry Regulatory Authority (FINRA) reportedly granted regulatory approval for the company to complete the acquisition of JNK Securities.
Uphold reportedly revealed that the acquisition has a primary goal of enabling the platform to roll out US-based fractional equities in the latter half of 2021, apart from an additional goal of offering an interface for users to trade between crypto, stocks, carbon credits, precious metals, and other assets.
“Bitcoin to Tesla stock in one seamless user experience will soon become a reality for our U.S. customers. The move will introduce unprecedented speed and convenience for retail investors seeking to trade between traditional and emerging asset classes.” Head of Uphold JP Thieriot reportedly remarked.
The development would reportedly grant Uphold the status of being among the first crypto entities to have a broker-dealer – regulatorily allowed to provide equities on an omnibus manner to US-based retail investors – in its possession.
Investors would reportedly have the freedom to buy a portion of a stock, in an almost similar method of crypto users not having to purchase an entire Bitcoin (BTC), Ether (ETH), or any number of tokens.
The company reportedly revealed that it is planning to widen the scope of its equities offering from 50 U.S. stocks to 3,500 stocks and options in 2021.