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

Crypto custody and infrastructure startup 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 retirement accounts and staking products to its suite of products, 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 see lots of the large banks, customers wanting to have tokenized securities being able to trade traditional assets 24/7,” Tom Pageler, chief executive officer at Prime Trust told “Crypto World” Wednesday. “This funding will ensure we can bring that value add to all of our customers.”

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

Prime Trust serves about 700 customers, ranging from crypto exchanges, on ramps, wallet apps, ATSs, RIAs, broker dealers and banks. Pageler said investors weren’t too spooked by the bearishness in the market this year and saw the timing of the investment as a good opportunity.

“We’re seeing 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’re trending with the global economy in general.”