iSAM Securities (UK) Limited, formerly known as iS Prime, has enhanced its offerings with the launch of a new Crypto Margin Facility, which will enable clients to deposit digital currencies as margin. It highlighted that the service will streamline the deposit and withdrawal process for clients.
Accepting Stabecoins for Margin Payments
Announced today (Friday), the entity, regulated by the United Kingdom’s Financial Conduct Authority (FCA), can now accept crypto margin payments in two top stablecoins, USDC and USDT.
“This strategic move underscores iSAM Securities’ dedication to providing clients with best-in-class services, continually evolving in response to client demand,” said Alex Lowe, the Managing Director at iSAM. “Our new Crypto Margin Facility is designed to be both seamless and secure as we accept USDT and USDC coins on the ERC-20 Blockchain, chosen for their stability and transparency.”
Further, the company partnered with an FCA-regulated registered crypto custodian for receiving digital currencies from its clients. However, it did not disclose the name of its custodian partner.
Expansion after Rebranding
iSAM Securities offers full-service brokerage and execution services through proprietary technology. It also provides aggregated pricing sourced primarily from Tier One institutions.
Earlier this year, ISAM Capital Markets rebranded to iSAM Securities, covering multiple business units: iSPrime, regulated by the FCA; Hong Kong-regulated iSPrime Hong Kong Limited; iSRisk, which is regulated in the US by the CFTC; and CIMA-regulated iSPrime Markets Limited. However, rebranding did not change the structure of the group.
Only a few days after rebranding, its two co-founders, Raj Sitlani and Jonathan Brewer, left the business. They were a central part of it for eight years, holding crucial management roles: Sitlani was the Managing Director of iSAM Securities, while Brewer was the Commercial Director.
Earlier, Finance Magnates reported that the UK-based iS Prime ended the financial year 2022 with a pretax profit of £16.2 million and revenue of £35 million.
