Prime Trust, a small financial company from USA which played a significant role in creating stibal koina on the basis of Stellar, said about going out on the custody services market.
The company, without much fanfare, began to offer services for cold storage of bitcoins back in mid-July, and next week will announce a new service – cold storage of any token on the basis of ethereum (standard ERC-20).
Such services are in demand by institutional investors who, despite the current bear market, begin to work on the cryptocurrency markets, but don’t want to worry about the security of private keys and/or are required by law to hire the services of certified companies for storage assets.
This niche has attracted many major players in the financial market of the United States. Among them are giants such as Northern Trust, Goldman Sachs and Intercontinental Exchange (ICE), owner of the new York stock exchange. Cryptocurrency startups such as Coinbase, BitGo and Ledger, are also active in this market.
But Prime Trust said that the fact that they are a startup gives them certain advantages:
It’s a trillion companies from the Fortune 100 is very rigid.
Scott Purcell CEO claims that his company will be first to offer services for custodial storage token ERC-20.
Purcell says that his team managed to solve the “huge technical issue” after talking with the developers of the standard ERC-20 in the conference in Barbados.
We have made a technical breakthrough and now we can easily provide storage of any token ERC-20 (along with BTC and ETH, of course).
In theory it’s simple, but in practice this is very difficult to achieve due to the different nuances of each token, therefore, no one does. Still no one did.