Despite the crypto slump, firms are still able to raise money to build their companies. Prime Trust is one of those companies and has just closed a $100 million Series B round, which it will use to add retirement-focused products to its crypto-focused product suite. Tom Pageler, CEO of Prime Trust, joins Closing Bell to discuss the company's funding round amid market volatility, its product suite, and more. 

Closing Bell

Crypto Custodian Firm Prime Trust Raises $100M Series B Round to Expand Product Suite

And let's turn back to the crypto markets because even though sentiment is low and major coins are still under immense pressure. One firm is going all in Prime Trust is expanding its product offerings and doing so thanks to a $100 million series B round secured even as the crypto market declines. Well, joining me now is tom paige blur. As ceo of Prime Trust, it provides financial infrastructure solutions to fintech and digital asset companies. Tom thanks so much for coming on the show. What is the state of your business and how are you gonna use this money to expand? Thank you for having me kristen we're really excited about raising over $100 million. Uh you know, Prime Trust, what we are is the bridge between traditional financial institutions and the digital asset space. And what we do is we allow our customers were actually business to business our customers customers to use traditional payments such as credit card debit card a ch checks to transact in the digital space with this extended round. We can really ensure that the infrastructure we have in place grows with the market as we are seeing growth on our side. So I want you to explain in your own words, tom the services that you're offering to users, what we offer to our customers. So we're business to business is what's called bank secrecy act. A. M. L. K. Y. C. Any money laundering, know your customer checks to ensure that the people they're transacting with would follow the right regulatory frameworks to work in a traditional banking service. Then we offer what's called payment rails, the credit debit checks, ways to get traditional dollars into the digital asset space and then allow our customers to quickly easily scale through what we call a. P. I. S. Interacting with us and really get their products launched quickly. So I'm just curious in terms of your products. I know you're trying to get some off the ground here and you do have a unique background including time is a secret service agent. How is this helping you in your current role? Well, I think my time in the Secret service is definitely very important here both from wearing the ear pieces I talk to you but also more importantly being that were highly regulated space. Right? Uh And so security is first for us we are socked to type two compliant which is the U. S. Standard. We're also is a 27-01 compliant which is the international security and risk standard. And we are a fully licensed trust out of the state of Nevada regulated by the division of banking there. I'm curious to obviously the crypto market is going through a volatile time tom. But your company is still able to raise money and I think some people obviously still bullish on crypto long term with a recent addition to 401k. S. Via fidelity and other offerings. What would be your advice to investors? Do you think now is a good time to get into the crypto market? Yeah, I think this is a great time. Honestly, I was in the banking sector during 2008. We saw a correction there and you saw some big names, um not not survive, but you saw other companies really thrive. Use Jpmorgan chase as an example because I was working there. We went from, you know, Jamie dime was a good ceo. He emerged as a great ceo at the end and I think we're seeing that in the crypto space, you're seeing FDX kind of bailing out block by white right now and helping. So you'll see really good consolidation and from Prime Trust, as I said, we're business to business. We really can see that we can see how companies are still working hard to make sure that this is very much having a direction of secure trusted consolidation in the right way to really take advantage as we come out of this rough time. And it's not just crypto, it's it's a global macro environment where the entire industry, you know, the global economy is down and it's actually tracking really well to that, which shows that this crypto is now really a legitimate market tracking like the traditional markets, All right tom we got to leave it there. That's tom pager ceo of Prime Trust. Tom thanks so much for coming on the show