Paul Hastings LLP advised Uphold on the deal.
Uphold, a leading digital money platform serving more than five million customers in more than 150 countries, obtained approval from the Financial Industry Regulatory Authority (FINRA) and the Securities Exchange Commission (SEC) to acquire JNK Securities, a U.S. broker-dealer.
The approval by FINRA means that Uphold is one of, if not the first cryptocurrency firms to own a broker-dealer approved to offer equities on an omnibus basis to retail investors in the United States.
Uphold plans to launch fractional equities in the U.S. later this year and to pioneer seamless trading between cryptocurrencies, U.S. stocks, precious metals, carbon credits, FX products and other assets, all through a common user interface.
The Paul Hastings team was led by Corporate partner Michael Zuppone (Picture), and included of counsel Jacqueline May.
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