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The Nevada-based financial institution, Prime Trust, has launched a real-time settlement network for badet transfers between its clients, competing with similar services offered by the US-based Silvergate and Crypto-Sensitive Banks. Signature.
Announced Monday, the new service, called PrimeX, gives Prime Trust customers immediate access to funds if they trade cryptocurrency or common currency. The trust company, which eliminated custodial fees in January, will not charge the new service either. It is available 24/7 and has no limit on the amount of transfers, according to the announcement.
The network is already used by "industry-leading stock exchanges, over-the-counter, market makers, stablecoins and traders," said the company, without identifying any of these customers. As a result, all counterparties are known on the network and must agree to send or receive funds between them before they can trade.
Prime Trust, despite its small size, played an outside role in the cryptography industry. He is responsible for the custody of several dollar coins, the preservation of cryptographic badets in cold stores and provides deposit and withdrawal services in case of loss for the Huobi American Stock Exchange, HBUS.
Kevin Lehtiniitty, Product Manager at Prime Trust, said in a statement:
"Leveraging Prime Trust's ability to hold a broad range of badets, the Prime Exchange network is the world's first platform for 24/7 settlement of multiple FIAT currencies and badets. digital, all in one qualified dealer. "
Earlier this year, Signature Bank, a Premier Trust competitor based in New York, introduced the Signet system, which in early February had more than 100 customers who were getting millions of dollars a day. Similarly, Silvergate Bank has integrated a number of crypto exchanges, hedge funds and major minors using the California settlement platform to send millions of dollars between network participants.
Prime Trust CEO Scott Purcell (holding a microphone), image via CoinDesk
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