With cryptocurrencies once again in the headlines, the parent company of Apex Clearing, PEAK6 Investments LLC, is announcing the launch of its crypto platform, Apex Crypto. Originally scheduled to be released at the beginning of the final quarter of 2018, the crypto platform’s launch was delayed over half a year because of the “nuanced” state-level approval process crypto platforms must undergo, said a spokesperson. Nine states, including New York, have still not approved the trading of cryptos on the platform, though the firm plans to be in all 50 states by the end of the year, depending on the amount of time each state's review will take.

Apex Crypto is available to all Apex Clearing account holders, according to the announcement. Crypto assets are held in separate accounts from Apex Clearing’s non-crypto assets, allowing “broker/dealers and financial advisors to meet legal and regulatory guidelines.” Investors can move between the two platforms with “a few clicks.” The platform will provide access to Bitcoin, Bitcoin Cash, Ethereum and Litecoin in 41 states and the District of Columbia. Besides New York, the states awaiting approval are: Alabama, Connecticut, Florida, Hawaii, North Carolina, Rhode Island, Vermont and Washington.

"The interest and demand for cryptocurrency continues to rise," said Edward Haravon, COO at Apex Crypto. SogoTrade, an existing Apex Clearing customer, is the first client of the integrated platform and is providing access to Apex Clearing and Apex Crypto for all of its U.S.-based clients.

Want The Daily Brief delivered directly to your inbox? Sign up for WealthManagement.com's Morning Memo newsletter.