Digital money platform Uphold has announced its plans to acquire New York-based broker-dealer JNK Securities as it seeks to expand its service offering.

The acquisition will open up Uphold’s platform to a new group of institutional investors as JNK clients would be able to access all of Uphold’s crypto to fiat trading pairs and assets.

Importantly, Uphold is going to set up a new securities division, through which it will be able to offer sales and trading of ICO tokens and fractional equities and provide other exchange services, under the oversight of the U.S. Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA).

According to the official release, Uphold and JNK have filed an application with the FINRA for the approval of the change of ownership and business expansion. Once approved, Uphold will file a Form ATS with the U.S. SEC to begin operating an alternative trading system (ATS). Uphold said that if it receives the SEC’s approval, the extension of the broker-dealer registration will encompass its securities and security-token business.

“We have kept a close eye on statements from global regulators regarding virtual currencies and tokens and believe that many crypto assets (particularly ICO tokens) may be treated as securities in some cases,” said Adrian Steckel, CEO of Uphold. “Broker-dealer and ATS coverage is key to protecting our customers and to building a preeminent financial services ecosystem. We are proud to be a compliant financial services company, working with regulators to ensure we provide the most trusted and transparent access to digital financial services worldwide.”