The Nevada-based financial institution Prime Trust has launched a real-time settlement network for asset transfers among its clients, competing with similar services offered by crypto-friendly U.S. banks Silvergate and Signature.
Announced Monday, the new service, known as PrimeX, gives Prime Trust's clients immediate access to funds when they trade cryptocurrency or fiat with each other.
The trust company will not charge for the new service, either.
It is available 24/7 and has no limit on transfer amounts, according to the announcement.
The network is already used by "Industry-leading exchanges, OTC desks, market makers, stablecoins, and traders," the company said, without identifying any of these clients.
Accordingly, all counterparties are known on the network and must agree to send or receive funds to or from one another before transactions can take place.
Prime Trust, despite its small size, has played an outside role in the crypto industry.
"Leveraging Prime Trust's ability to custody a wide variety of assets, the Prime Exchange Network is the world's first platform for 24/7 settlement of multiple FIAT currencies, as well as digital assets, all in one qualified custodian."
Earlier this year, Prime Trust's New York-based competitor Signature Bank introduced the Signet system, which as of early February had more than 100 clients transferring millions of dollars a day to each other.
Silvergate Bank has on-boarded a number of major crypto exchanges, hedge funds, and miners that use the California institution's settlements platform to send millions of dollars between network participants.
Prime Trust Launches Instant Settlement Network for Crypto-Fiat Trades
gepubliceerd op Jul 30, 2019
by Coindesk | gepubliceerd op Coinage
Coinage
Recent nieuws
Alles zien
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.