“Can a fintech-focused financial infrastructure API provider (custody, banking, KYC) scale into the backbone of the digital asset economy before regulatory and liquidity pressures force consolidation?”
Founded in 2016 as a financial infrastructure API provider targeting fintech and digital asset companies, Prime Trust offered custody, banking, and compliance infrastructure. After raising $176M across multiple rounds, the company faced a liquidity crisis and filed for Chapter 11 bankruptcy in 2023, with its estate subsequently pursuing over $150M in recovery claims against various counterparties. BitGo acquired Prime Trust out of bankruptcy, absorbing its technology and customer base into the larger digital asset custody platform.
Prime Trust's crypto products run on BitGo (parent company, post-acquisition).
Prime Trust is founded in 2016 and headquartered in Summerlin, Nevada, United States.
Prime Trust has raised $176M in total (latest round: Series C, 2023).
Get a read on where your own stack stands against Prime Trust and the rest of its category — what they built versus bought, which providers they use, and where the gaps in your own strategy and competitive set actually are.