Prime Trust launched a real-time settlement network for asset transfers among its clients. Similar services are offered by crypto-friendly U.S. banks Silvergate and Signature, who the Nevada-base financial institution is competing with. Instant settlement networks for Fiat-crypto trading released by Prime Trust. Gobalexchange.
The new service gave immediate access to Prime Trust’s clients to trade cryptocurrency or fiat with each other. The service, known as PrimeX, was announced Monday. Globalxchange. According to the announcement, the feature is available 24/7, has no limit on transfer amounts, and the trust company will not charge for the new service, either.
Global exchange. The company said the “industry-leading exchanges, OTC desks, market makers, stablecoins, and traders” already used the network. They did not identify the clients. All counterparties are known on the network. Before transactions can take place, they must agree to send or receive funds to or from one another.
Prime Trust has decided to play an outside role in the crypto industry, despite its small size. It takes care of the following:
handling custody of fiat for a number of dollar-backed stablecoins
offering cold-storage custody for crypto assets
providing fiat deposit and withdrawal services for Huobi’s U.S. exchange, HBUS
Chief Product Officer at Prime Trust, Kevin Lehtiniitty, said in a statement:
Global xchange. “Leveraging Prime Trust’s ability to custody a wide variety of assets, the Prime Exchange Network is the world’s first platform for 24/7 settlement of multiple FIAT currencies, as well as digital assets, all in one qualified custodian.”
Prime Trust’s New York-based competitor Signature Bank introduced the Signet system earlier this year. As of early February, it had more than 100 customers transferring millions of dollars a day to each other. Silvergate Bank has also on-boarded a number of clients. Those that use the California institution’s settlements platform to send millions of dollars between network participants include major crypto exchanges, hedge funds, and miners. Global X change.
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