Digital Assets represent a transformative revenue opportunity for existing users and a chance for our partners to grow via innovation. DriveWealth's Digital Assets offering is a one stop Digital Asset + Equities Investing experience enabled via API connection.
Partners must have the required licenses to accept/hold/transmit customer funds, and all partner wire deposits for pre-funding are maintained in the Partner's omnibus house account. As customers execute buy side trades, funds will be allocated to the customer's fully disclosed account to settle the trade. Proceeds from sell side trades will similarly be swept into the partner omnibus house account and made available for withdrawal by the partner.
Digital Assets trade 24/7, and require partners to prefund an omnibus house account within our system. The amount of the pre-fund will be based initially on an agreement between the parter and DriveDigital and will be reviewed periodically to establish acceptable levels of pre-funding to cover weekends and holiday schedules.
These funds will then be allocated to customers to settle buy trades in a “just-in-time” fashion. Customer sells will likewise be swept into the omnibus house account. DriveDigital does not permit lending in the digital asset space, hence a depletion of the omnibus house account may lead to reduced trading capabilities.
Pre-funding applies to digital asset trading with DriveDigital and follows the requirement that funds are made available prior to making any trades i.e. trades may not use borrowed funds or funds in transit to clear/settle. Combined with the additional requirement that DriveDigital maintains fully disclosed customer accounts, the flow of funds subsequently described is designed to minimize trading disruptions while satisfying requirements.
Note: Currently, digital assets such as BTC and ETH are not available for deposit/withdrawal/transfers. All digital assets are custodied within DriveDigital's ecosystem.
To implement Digital Assets to your current platform, you will work with your Account Manager and the Software Delivery team.
Updated about 1 month ago