Prime Trust - what do they do?

[zander1983]

I notice serious Bitcoin companies like Swan and Strike use Prime Trust (https://www.primetrust.com/). What do they do exacty? From my reading of their API docs, they appear to provide companies with an API to acquire bitcoin on the fly, and they also custody it if needed. Is this correct?

Im playing around with the idea of building a Bitcoin exchange. It seems to me Prime Trust provide all the Bitcoin related functionality, and I can concentrate on a nice user experience. Have I got this correct?

[DaveF]

More or less yes. They will do as much or little as you need. BUT and this is a serious BUT you need to have real financing to deal with them. They want to deal with the Strikes not the small guy. They want all your financials to the beginning of time and so on. Think of them as a really large commercial bank except instead of dealing with cash they are dealing with crypto.

Not a bad thing if you are running a good MSB and want to expand, but for small players they are not interested<sup>*

*</sup>The not interested is from a while ago when a customer of a customer wanted to do some business with them and they more or less said if you are not spending $1000s with them a month then go away.....


-Dave

[zander1983]

More or less yes. They will do as much or little as you need. BUT and this is a serious BUT you need to have real financing to deal with them. They want to deal with the Strikes not the small guy. They want all your financials to the beginning of time and so on. Think of them as a really large commercial bank except instead of dealing with cash they are dealing with crypto.

Not a bad thing if you are running a good MSB and want to expand, but for small players they are not interested<sup>*

*</sup>The not interested is from a while ago when a customer of a customer wanted to do some business with them and they more or less said if you are not spending $1000s with them a month then go away.....


-Dave

Thanks. Thats a pity. Are there other that would provide services to smaller players?

[PX-Z]

Are there other that would provide services to smaller players?

Upon searching, i found these companies with related services offered just like prime trust,
- CYBAVO
- CYBRID
- Anchorage Digital

Although, i don't know if they serve to new to small business and i actually don't know their total reputation at all, so DYOR should be give importance.

[zander1983]

Are there other that would provide services to smaller players?

Upon searching, i found these companies with related services offered just like prime trust,
- CYBAVO
- CYBRID
- Anchorage Digital

Although, i don't know if they serve to new to small business and i actually don't know their total reputation at all, so DYOR should be give importance.

Thanks, will do.

[Bitcoin_Arena]

Just asking you a simple question;

What do Prime trust do that you can't do as an individual?

You chose crypto because there is an option to have full control of your funds, why then would you then go ahead and put trust in a custodial service with your crypto?

[zander1983]

Just asking you a simple question;

What do Prime trust do that you can't do as an individual?

You chose crypto because there is an option to have full control of your funds, why then would you then go ahead and put trust in a custodial service with your crypto?

Because many many users dont want custody - they dont trust themselves. Prime Trust seem to be highly trust-worthy. And post after post here warn about building exchanges and how difficult it is to keep private keys safe (though I would like to know why this is the case).

[PX-Z]

What do Prime trust do that you can't do as an individual?

You chose crypto because there is an option to have full control of your funds, why then would you then go ahead and put trust in a custodial service with your crypto?

While it is important to have control over your own crypto assets, for all regulations and requirements any crypto businesses are facing, businesswise, there are situations in which it may be beneficial to use a trusted third-party service to provide added security, convenience and peace of mind.