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.
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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