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LAS VEGAS, Sept. 25, 2018 (GLOBE NEWSWIRE) -- Prime Trust, the blockchain-driven trust company, announced Tuesday that it now accepts not just Bitcoin and Ethereum, but also any ERC-20 token as a part of its suite of institutional and retail custody services, a move that changes the competitive landscape of how people securely hold and organize their digital assets and investments.
ERC-20 is the primary technical standard used for securities tokens issued on the Ethereum blockchain, and it is imperative that investors have a way to organize disparate investments and to securely safeguard tokens to protect their assets. And for SEC reporting entities such as hedge funds and exchanges, Prime Trust enables them to comply with regulations as a Qualified Custodian. Given the various quirks and nuances in each token, holding custody of the tens of thousands of different ERC-20 tokens that have been previously issued, and will be issued in the future, has been impossible - until now.
Currently, many investors juggle their token holdings in scores of digital wallets that leave them vulnerable to hacking, theft, loss, estate issues and complicated legal problems. Now investors who own tokens issued in any ERC20 ICO or STO can safeguard all of their digital assets in qualified custody and receive simplified reporting on a single statement.
To achieve this, Prime Trust engineers spent time with developers of several different ERC-20 tokens, as well as with one of the key authors of the ERC-20 standard during a conference that a Prime Trust partner company, Polymath, hosted in Barbados. It was there that they collaboratively laid the foundation for what would become an industry innovation.
"We’ve had an engineering breakthrough,” said Scott Purcell, CEO of Prime Trust, “and we are excited to be the first financial institution that can easily cold-storage any ERC-20 token--along with BTC and ETH, of course."
Prime Trust welcomes institutions, hedge funds, broker-dealers, funding portals, ICO platforms and cryptocurrency exchanges to interconnect via APIs and work together to leverage different business models that are made easier by holding BTC, ETH, and any ERC-20 tokens in custody.
Learn more about Prime Trust’s services at www.primetrust.com.
About Prime Trust
Prime Trust is a financial institution that as a Qualified Custodian provides custody of tokens, FIAT and other alternative and traditional assets, as well as funds processing, AML/KYC compliance, and transaction technology for the new digital economy. As a blockchain-driven trust company its mission is to provide exchanges, portals, platforms, brokers, real estate syndicators and direct-issuers with best-in-class solutions to seamlessly meet the needs of their securities offerings as well as of secondary markets.
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