Crypto Custodian Prime Trust raises $ 100 million to add IRAs, committed to services suite

People walk through the North American Bitcoin Conference held at the James L Knight Center on January 18, 2022 in Miami, Florida.

Joe Raedle | Getty Images

Crypto-storage and start-up of infrastructure Prime Trust has raised more than $ 100 million in Series B funding to expand its suite of financial products and services.

The company plans to add crypto-pension accounts and strike-out products to its suite of products, increase its support for tokenized products such as NFTs, and expand its infrastructure and security offering. Strike products allow investors to use crypto-holdings to earn returns, rather than other rewards.

“We see a lot of the big banks, clients who want tokenized securities that can trade traditional assets 24/7,” Tom Pageler, chief executive officer at Prime Trust, told Crypto World on Wednesday. “This funding will ensure that we can add this value to all of our customers.”

Payment processing company FIS is among the investors in the round along with Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company and others.

Prime Trust serves around 700 clients, ranging from crypto exchanges, to disasters, wallet apps, ATSs, RIAs, broker traders and banks. Pageler said investors were not too scared this year due to the bearishness in the market and saw the timing of the investment as a good opportunity.

“We see crypto and the traditional markets going up and down together, which is great,” Pageler said. “It means that crypto, digital assets have become a well-established market, they are trending with the world economy in general.”


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