Prime Trust has been on a decline for a while now. They no longer operate in South Dakota (North?). The ripple effect is companies like Strike can no longer operate there.

Prime Trust is used by so many platforms. They offer a lot of services related to market making, KYC, ant-fraud and also data custody.

I expect things to continue to be problematic. Prime Trust works with companies that dabble in crypto and I believe also offers crypto based custody services directly.

Coinbase even uses Prime Trust for some of its services. Would not be surprised if Binance does too.

Considering all current news related to Bitcoin and crypto as well as all current economic conditions with interests rates going up, it is not out of the realm to think that VC capital is evaporating. That plus the potential for the SEC to kill crypto I believe will be very disruptive short term, but in the long term all companies will refocus their efforts back into Bitcoin, or collapse entirely.

The problem is that you don't need nearly as big of a company or complex of a product offering if you plan to scale down. So my hope here is that these companies who offer crypto and Bitcoin products will spin down the right products.

The lessons for these exchange platforms and especially the ones that chest beat about being "Bitcoiners" so loudly should be that if you don't want to take on the responsibility outsourced to companies like Prime Trust, you should distribute the responsibility among multiple companies.

Maybe Prime Trust is the only company that does what they do.

In any case the Lightning Network is hungry for some new human capital to join and start building. We should welcome in any refugees from the minefields they are currently in with open arms and a strong cup of coffee.

I love River Financial. They also do you the favor of being tax focused so their dashboard is built to show you all that information. I don't think River uses Prime Trust.