Digital Wealth Management Firm Apex Clearing to Launch Crypto Investment Subsidiary

Financial clearing and execution company Apex Clearing confirmed it planned to open a dedicated cryptocurrency entity in a press release Wednesday, September 5.

Apex, which has operated since 2012, will create Apex Crypto to give existing clients access to various cryptocurrencies, initially including Bitcoin, Bitcoin Cash, Ethereum, and Litecoin among others.

Investing platforms such as broker dealers using Apex will thus be able to provide cryptocurrency investment opportunities to their own users, the press release notes.

The move, CEO Bill Capuzzi says, reflected the "Continued surge" in demand for crypto-based investment options.

"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 Clearing plans to deliver Apex Crypto in Q4 this year, the announcement coming the same day Wall Street giant Goldman Sachs reportedly revealed it would shelve its own cryptocurrency product plans.

According to Business Insider, quoting "People familiar" with the developments, Goldman Sachs had "Come to the conclusion that many steps still need to be taken, most of them outside its control, before a regulated bank would be allowed to trade cryptocurrencies."

Interest from investment sources in the crypto market continues, with investors eyeing Intercontinental Exchange's Bakkt platform, also set for a Q4 debut.