Cryptocurrency facilities company, Prime Trust LLC has actually raised $107 million in Series B financing as it looks for to deepen ties with its customers with its proposed new products.
While being backed by its old financiers, new backers likewise signed up with the round with huge names, consisting of FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures, and Seven Peaks Ventures getting involved.
Prime Trust provides a wide range of infrastructural centers, consisting of wallet innovation, custody, and compliance services. The start-up has actually raised $170 million to date to power its operations and from what it provides, it counts platforms like Swan, Binance.United States, and Dapper Labs as customers. With the new financing, Prime Trust hopes to develop new products to expand 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,” stated 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 allocated for launch consists of staking services along with establishing the structure to support more tokenized products. Prime Trust trusts in its company design to weather condition any sort of storm being dealt with in the digital currency environment, a function that should have endeared financiers to it.
Despite the crypto winter season, ingenious platforms like Astaria, Immutable, and Magic Eden to name a few continues to pull funds to scale and support their environment development.
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