Prime Trust
“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?”
Founded2016
HQSummerlin, Nevada, United States
Total raised$176M
Latest roundSeries C, 2023
IndustryInfrastructure / BaaS
The story
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.
Product timeline
2016
Prime Trust founded in Summerlin, Nevada as a financial infrastructure provider for fintech and digital asset companies.· banking
2019
Raised corporate round led by OK Group, expanding digital asset custody and API infrastructure.· banking
2021
Integrated Bittrex to enable liquidity for corporate and institutional customers.· banking
2023
Filed for Chapter 11 bankruptcy protection; estate pursued litigation against multiple counterparties including Strike (Zap Solutions).· pivot
2023
Acquired by BitGo, Inc.; became a subsidiary under BitGo's parent company structure.· acquisition
The stack
Accounting gap: none