0 sats \ 5 replies \ @siggy47 26 Jan 2023 \ on: Prime Trust to cease all business in Texas effective 31 Jan 2023 bitcoin
Does anyone know why?
Prime Trust Support:
We withdrew our Money Transmitter License (MTL) application from Texas, and intend to swiftly reapply with the objective of obtaining a Money Transmitter License in the near future.
We will provide updates to our licensing here.
https://www.primetrust.com/legal/licenses-disclosures
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probably state by state deposits, and them hurting for liquidity with their shitcoin revenue drying up... if they're losing states at this rate, who knows how long they'll survive. ZeroHash is the other big player, so perhaps as both lose shitcoin revenue, they will merge and provide an even worse, even less competitive offering!
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I admit I haven't done my homework on Prime Trust. I use Swan Bitcoin to dca, and I know Prime Trust is Swan's custodian until my deposits clear and I sweep my sats into cold storage. I trust Swan as much as any exchange in the industry, so I never questioned Prime Trust. Live and learn.
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Yeah places like Swan are really awesome and provide a great service, I think. The problem is there are two major reasons companies use services like Prime Trust.
1.) Resources. They built up tooling and provide good starting point if you have minimal resources or capital as a startup.
2.) This one may be a bigger reason. Offloading these things to a provider also offloads legal responsibility for your business. Prime Trust is responsible for storing and securing that data. Should a breach happen Swan is not on the hook for it.
You should do your DD on Prime Trust though. They nearly have a monopoly.
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