Prime Trust, a Nevada-based crypto custodian and fintech infrastructure provider, raises $64 million to scale the business.

Based in Nevada, USA, Prime Trust, a crypto custodian and fintech infrastructure provider, raised $64 million in a Series A round.

It’s a big day at @primetrustco! Today I’m thrilled to share the close of our $64M Series A round. This is an exciting step for Prime Trust as we expand our infrastructure for digital asset exchanges, banks, consumer retailers, OTC desks, and much more. ⁰https://t.co/lSKiO16Vr2

— Tom Pageler (@tompageler) July 28, 2021

The financing was provided by Mercato Partners, Samsung Next, Nationwide, Commerce Ventures, Ayon Capital, Kraken Ventures, STCAP, s20 Capital, Seven Peaks Ventures, Diverse Angels, University Growth Fund, and Nevcaut Ventures.

Prime Trust intends to aggressively expand its staff and enter new markets for payments and alternative assets. The company expects its clients to include wealthtech startups, neobanks, registered investment advisers, and alternative trading systems.

The company’s CFO Rodrigo Vicuna called the round institutional. By year-end the executive expects revenue of more than $100 million. His projections are based on a current growth rate of 448%. According to Vicuna, the metric has doubled every year since 2017, when the custody solution was launched.

Prime Trust offers API for payments, settlements, KYC-solutions, which cover a full infrastructure stack for neobanks and bitcoin exchanges. The number of monthly API requests from clients Binance.US, Kraken, Bittrex, Strike via API has exceeded 250 million, according to Vicuna.

Prime Trust launched its crypto custody service in August 2018.

In July, the infrastructure company Fireblocks raised $310 million at a valuation of $2 billion.

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