Digital asset infrastructure firm Prime Trust has raised $107 million in a Series B funding round to expand its product suite.
Investors included FIS, Fin Capital, Mercato Partners, Kraken Ventures, Commerce Ventures, William Blair & Company, Decasonic, University Growth Fund, Gaingels, GateCap Ventures and Seven Peaks Ventures, according to the company’s announcement.
Prime Trust serves nearly 700 fintech and digital asset clients, including some crypto largest startups like Dapper Labs and Binance US.
The firm had raised $64 million during the Series A funding round in July 2021, so the new round brings the total funds raised to around $170 million. “This strategic investment will provide critical operational expertise to further scale Prime Trust into new offerings,” said Prime Trust CEO Tom Pageler, “including wealth products, as well as web3 and DeFi products.”
The newly-raised capital will be used to launch the Prime Trust Crypto Individual Retirement Account (IRA). The new platform — which the company claims is the first with a "seamless, single API integration" — will allow users to invest retirement funds in cryptocurrencies.
Prime Trust said it will also use the new funds to "enhance our ability to support tokenized products" and to invest in the security and stability of its platform.
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