Prime Trust Pulls $100m in Series B to Float New Products

Cryptocurrency infrastructure service provider, Prime Trust LLC has raised $107 million in Series B funding as it seeks to deepen ties with its clients with its proposed new products. (31).jpg

While being backed by its old investors, new backers also joined the round with big names, including FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures, and Seven Peaks Ventures participating.

Prime Trust offers a wide variety of infrastructural facilities, including wallet technology, custody, and compliance solutions. The startup has raised $170 million to date to power its operations and from what it offers, it counts platforms like Swan, Binance.US, and Dapper Labs as clients. With the new funding, Prime Trust hopes to establish new products to broaden its base.

“This strategic investment will provide critical operational expertise to further scale Prime Trust into new offerings including wealth products, as well as Web 3 and DeFi products,” said Tom Pageler, CEO of Prime Trust. “We’ve seen an unprecedented shift toward greater acceptance of digital assets among wealth managers and RIAs and, to that end, we launched the Prime Trust Crypto IRA, the first IRA solution with a seamless, single API integration. Our strategic investor relationships will enable us to continue to expand into new markets and deepen our commitment to helping our fintech and crypto clients to build and scale quickly, securely, and compliantly.”

Amongst the products being earmarked for launch includes staking services as well as developing the framework to support more tokenized products. Prime Trust trusts in its business model to weather any kind of storm being faced in the digital currency ecosystem, a feature that must have endeared investors to it.

Despite the crypto winter, innovative platforms like Astaria, Immutable, and Magic Eden among other continues to pull funds to scale and support their ecosystem growth.

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Prime Trust Hires Former Secret Service Veteran as VP of Regulatory Affairs

Prime Trust, a Les Vegas-based technology-driven trust company that provides financial infrastructure for fintech and digital asset firms, announced Tuesday that it has appointed Jeremy Sheridan, the former Assistant Director of Investigations at the Secret Service of U.S., as the company’s Vice President of Regulatory Affairs. - 2022-04-13T161527.672.jpg

Sheridan joins an extensive team of Prime Trust government and regulatory experts from several governmental bodies like the Secret Service and other law enforcement agencies, SEC, OCC, Federal Reserve, and U.S. Treasury.

In his new role, Sheridan will be tasked with overseeing Prime Trust’s regulatory strategies, engaging with Federal and State agencies, as well as being a regulatory thought leader for the fintech and cryptocurrency industries.

Sheridan has over 20 years of work experience in law enforcement and leadership in investigations for the United States Secret Service under the Department of Homeland Security.

Sheridan started his career in 1997 as a special agent in the Tucson, AZ, Resident Office. In 2002, he was assigned to the Presidential Protective Division (PPD), where he served under President George W. Bush. In 2008, he joined the supervisory ranks as Assistant Special Agent in Charge (ASAIC) of the Human Capital Division. In 2021, Sheridan got a promotion to serve as Assistant Director of the Office of Intergovernmental and Legislative Affairs, with oversight of the Privacy Office, Congressional Affairs Program, Homeland Security Program, the Liaison Division, and Freedom of Information Act Office.

Before joining Prime Trust, Jeremy was serving as Assistant Director of the Office of Investigations, where he led the global investigative mission of the Secret Service, which is constituted of 161 offices and over 3,000 staff.

Tom Pageler, the Chief Executive Officer of Prime Trust, talked about the new hiring and said: “Prime Trust is deeply committed to building the highest levels of regulatory, compliance and security controls for the digital asset marketplace. With his extraordinary level of regulatory and law enforcement experience, Jeremy will be a critical asset to Prime Trust’s leadership team and an advocate for new and evolving technologies in the fintech and crypto space.”

Sheridan also commented about his appointment and stated: “I have dedicated my career to law enforcement service and helping to ensure the safety and security of top-tier government operations. I am very excited to be joining the Prime Trust team and help shape the future of the new digital economy with world-class security, compliance and operational excellence.”

Accelerating Product Offerings to Meet Growing Needs of Fintech

Last December, Prime Trust announced a breakout year for the firm with strong revenue growth, continued team expansion, and explosive growth in new accounts opened via Prime Trust APIs (over 2000% from the previous year). Prime Trust’s remarkable year was attributed to the ability of the company to scale into new markets, attract and partner with premier investors, achieve important certifications, and hire talent with regulatory expertise.

Through strategic partnerships, hiring of excellent talent, and the expansion of new systems within the payments and alternative assets markets, Prime Trust was able to develop a superior financial infrastructure that not only helps its customers launch quickly but also fuels a new economy.

Since its establishment in 2016, Prime Trust continues to power innovation in the digital economy by providing fintech and digital asset firms with financial infrastructure. Through its full suite of APIs, the company helps fintech companies and financial institutions to build seamlessly, launch quickly, and scale securely.


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Prime Trust, tZERO Partner on Digital Asset Custody, Trading

Security token trading platform tZERO is to integrate technology from Prime Trust, a digital asset finance infrastructure provider, under a new partnership. 

According to an announcement Wednesday, the integration will enable Prime Trust to manage the custody of digital securities and cryptocurrencies for its customers using tZERO, and further allows its users to trade assets on tZERO ATS, the firm’s broker-dealer subsidiary. The agreement is expected to replace tZERO’s own cryptocurrency wallet and reduces reliance on third-party clearing firms, the firms said.

“This will improve the cryptocurrency trading experience through increased buy limits, faster transaction settlement, and a seamless process of onboarding new cryptocurrencies, subject to regulatory approvals and launch,” according to the announcement. 

In other news, tZERO said its broker-dealer subsidiary ZERO ATS has filed a continuing membership application to allow it and broker-dealer affiliates to custody, clear, and settle securities transactions. The firm said it’s further working to find a way for its broker-dealer subsidiaries to directly custody digital securities without reliance on third parties, following a recent U.S. Securities and Exchange Commission statement.

On Tuesday, Overstock, which founded tZERO, announced it was converting its blockchain-focused Medici Ventures subsidiary into a fund managed by venture capital firm Pelion Venture Partners. After completion, Overstock will have a minority stake in tZERO.



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