Prime Trust
Basics
- Went bust in 6-2023. Another example of trust going wrong. Prime Trust lost private keys to coins in their custody and used other customer's funds to fill up the hole.
- From the CoinDesk 50 (7-2020):
"The Nevada trust company undercut its competitors late last year by offering fee-less custodial services, a move that mirrors the free storage of stocks, bonds and ETFs by traditional custodians. Prime Trust has built a clientele of crowdfunding portals, exchanges and broker-dealers, and earned a reputation for its behind-the-scenes role in backing several dollar-pegged stablecoins, including TUSD and USDK. Acting as a trustee, and sometimes token miner, the firm handles dollar, yen, and euro-backed stablecoins and will soon incorporate coins backed by U.S. Treasuries and other collateral. Earlier, Prime Trust innovated a solution to custodying ERC20 tokens, which CEO Scott Purcell said was “no small feat,” due to the nuances between the thousands of potential iterations on the ERC20 standard."
Their Other Projects
FUSD
"Dapper Labs has announced a new dollar-backed stablecoin made in partnership with Prime Trust, the financial infrastructure provider. Called FUSD, it will work much like familiar stablecoins Circle’s USDC and Gemini’s GUSD in that it will simply be one-for-one backed by U.S dollars deposited at Prime Trust. Notably, Gharegozlou said FUSD also represents the first ERC-20-like token on Flow, enabled by the Flow Client Library (FCL), a new tool that will enable faster development on the network."
Usage
Team
- Scott Purcell; CEO
