SUMMERLIN, Nev.--(BUSINESS WIRE)--Prime Trust announced today an industry-changing shift in the cost of custody for digital assets and now charges zero AUM fees on custody, including Bitcoin, Ethereum, ERC20, and Stellar. This is the world’s first no-fee digital asset custody solution from a qualified custodian.
Historically, qualified custodians charge a laundry list of crypto custody fees that include AUM-based fees ranging from 4bps to 10bps/month. The ground-breaking $0 AUM fee is unmatched by any other qualified custodian, and reduces friction and out-of-pocket costs for portals, exchanges, broker-dealers, stablecoins, real estate investors, and many others.
“When someone holds stocks, bonds, mutual funds, ETFs, real estate, private securities or other assets at a custodian such as Schwab, Robinhood, Northern Trust or JP Morgan, they don't pay fees based upon the market value of those assets,” said Scott Purcell, CEO and Chief Trust Officer of Prime Trust. “It doesn't matter if you hold, for example, $500 or $50,000,000 worth of Apple stock in your account – there are no percent-of-asset-value-based fees. So why the heck are qualified custodians charging to custody digital assets? This move continues to underscore our mission to make it easier for our customers to do business and bring tokenized-asset services in line with the rest of the financial world.”
Prime Trust welcomes institutions, exchanges, OTC Desks, broker-dealers, funding portals, STO platforms, stablecoins, and others involved in the new digital economy to connect via the firm’s proprietary APIs and work together to leverage different business models that are made easier by holding BTC, ETH, ERC-20, and stellar tokens with a regulated, qualified custodian.
About Prime Trust
Prime Trust is a technology-driven financial institution that as a qualified custodian provides FIAT and token custody, funds processing, AML and KYC compliance, and transaction technology for the new digital economy. Its mission is to provide exchanges, portals, platforms, brokers, investment advisors, stablecoins, and others with smart API solutions to seamlessly meet the needs of their businesses.
