The little U.S. Company known as Prime Trust has a played a prominent role in supporting dollar backed cryptocurrencies. The company is getting a taste for it, as it’s starting to compete with some of the larger cryptocurrency custodians.
Based out of Nevada, the company has started offering cold storage options for bitcoin since mid-summer and will now be offering it for ERC-20 standard tokens as well.
Institutional investors see the value in the services offered by Prime Trust, who can adequately protect the private keys of cryptocurrency wallets – especially since many are legally required to use a responsible custodian to do so – making Prime Trust essential in many cases.
Cryptographic keys are used for cold storage purposes. They are long passwords, hard to use, and the only way to pull money out of an account. Cold storage means they are kept offline to protect them from hackers and cyber-attacks, ideally in an advanced piece of hardware or on a piece of paper that is held in a fireproof safe.
With so many big names entering the cryptocurrency sphere, like the ICE, companies like Coinbase and Ledger are stepping into the arena, as well – to compete with the more critical exchanges ability to offer institutional worthy solutions.
Prime Trust isn’t intimidated; however, the startup was created two years ago with all new technology capable of working more efficiently than that of the larger competitors. Referring Trust’s testing, the more substantial fortune 100 companies can’t move quick enough to keep up with small organizations like Prime Trust.
The little-known company, backing bigger cryptocurrencies from the shadows, was recently responsible for building the back office of Stablecoin (something unbeknownst to most people). The coin is one of the only on the market backed by the US Dollar with a one to one ratio.
Prime Trust, deposits dollars supporting the cryptocurrency directly into federal banks which it has built partnerships within the past. The company is supposedly the first to offer custodial services for all ERC-20 Standard Tokens, mainly because of the team’s ability to find solutions to problems other companies can’t.
Engineers at Prime Trust spent real time with developers of several different ERC-20 Tokens, something other token custodian services have not done. Since spending time with varying creators of different tokens, there have been several significant breakthroughs that have allowed them the ability to store ERC-20 tokens on cold storage hardware safely.