CEO of a fintech that powers hundreds of stock apps unpacks why it offers dogecoin services
04.21.2021 - By The Scoop
Apex Clearing facilitates more than 1.7 million trades a day as the clearing and custody firm behind hundreds of fintech trading platforms.
The firm, which entered the crypto market in 2019, provides more than 200 companies, including the likes of Stash, Public.com, and WeBull, with the technology to clear stock trades. At one point Apex also powered Robinhood's platform before the California-based firm launched its own clearing solution.
On the crypto side, Apex Crypto helps brokers create their own crypto trading products. That business touches more than 1 million retail clients today.
This past weekend, Apex began supporting Dogecoin, unleashing the meme-coin on more than 13 million end-clients. It was good timing considering the price of the coin has whipsawed as retail traders turned their attention toward that particular cryptocurrency market.
In this episode of The Scoop, Apex Clearing CEO Bill Capuzzi talks about the growth of its crypto business, what drew it to the dogecoin market, and why stockbrokers will ultimately break into the non-fungible token (NFT) space.
"We opened close to 150,000 accounts since we announced and launched Dogecoin from Saturday until today," Capuzzi said, adding:
"They’re hearing it from their end customers. Right. So the end customers are raising their hands and saying, hey, we’d like access to Dogecoin through WeBull, and WeBull is leveraging Apex on the backend."
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