Crypto custodian Prime Trust raises $100M to add IRAs, staking suite of services

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

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Crypto custody and infrastructure startup Prime Trust has raised over $100 million in Series B funding to expand its suite of financial products and services.

The company plans to add crypto retirement accounts and staking products to its product suite, increase its support for tokenized products, like NFTs, and expand its infrastructure and security offerings . Staking products allow investors to use crypto holdings to earn yield or other rewards.

“We’re seeing a lot of big banks, customers wanting tokenized securities that can trade traditional assets 24/7,” Tom Pageler, chief executive of Prime Trust, told Crypto World on Wednesday. “This funding will allow us to bring this added 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, ramps, wallet apps, ATSs, RIAs, brokers, and banks. Pageler said investors weren’t too spooked by the market downturn this year and viewed the timing of the investment as a good opportunity.

“We’re seeing crypto and traditional markets go up and down together, which is great,” Pageler said. “It means that crypto, digital assets have become a well-established market, they are evolving with the global economy in general.”

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