Cryptocurrency is becoming increasingly popular among younger gen investors, specifically among millennials. Rather than turning over the business to other firms, digital asset management company, Apex Clearing opted to launch a new subsidiary called Apex Crypto, which will be tasked to handle the demand for crypto assets among its existing clientele.
Apex Clearing Launches Crypto-Focused Subsidiary
The launching of Apex Crypto was announced via a press release published by Business Wire. The service is expected to commence by the fourth quarter of 2018.
Apex Clearing believes that there is much that could be improved on regarding user experience in the crypto scene. Currently, crypto investing is not a very smooth process with Apex and can be described as “disjointed.” Apex Crypto aims to change this experience by offering speed, efficiency, and flexibility to the transactions of its clients.
While the subsidiary is not actually a crypto exchange, it has partnered with other broker-dealers and online investment platforms. In this manner, Apex Crypto will be able to give clients online access to crypto investing to do their transactions. The company promised a simplified and “convenient and seamless experience” for its clients, even though different entities will handle investments in these digital assets.
It is not yet clear how Apex Crypto’s model will work out, but there is a possibility that the firm will merely act as a liaison, which is likely done via a platform, between their clients and the various broker-dealers and other online investment platforms. However, InvestmentNews already reported that Apex would offer custodial services for cryptocurrency assets on behalf of its clients.
Increasing Interest in Crypto Assets
Apex Clearing noted that cryptocurrencies have recently become increasingly popular as an asset class. In particular, the asset management firm said that there is a strong interest in crypto assets among new investors and millennials.
Apex Clearing CEO Bill Capuzzi explained:
“Demand continues to surge for crypto, and Apex is meeting the needs of tech-savvy investors by providing the seamless investing experience they want and expect. We are helping our clients break down barriers to provide the speed, efficiency, and flexibility they need to serve the next generation of investors.”
Apex’s observation on the increasing interest in cryptocurrencies coincides with the results of other surveys. Forbes reported in January that 30 percent of millennials would rather invest in cryptos than in stocks and bond, based on a survey by Blockchain Capital. Similarly, a recently published survey by YouGov Omnibus revealed that 48 percent of millennials say that they want to use cryptos primarily, and 44 percent believe that digital currencies will become widely accepted within a decade.
Apex Clearing Expands Services Via New Subsidiary to Include Crypto Assets was originally found on [blokt] – Blockchain, Bitcoin & Cryptocurrency News.