Share this article
OKCoin Exchange Invests in Crypto Custody Firm Prime Trust
Cryptocurrency exchange OKCoin has invested an undisclosed amount in crypto custody provider Prime Trust.
Updated Sep 13, 2021, 9:05 a.m. Published Apr 18, 2019, 8:15 a.m.
Cryptocurrency exchange OKCoin has invested an undisclosed amount in crypto custody provider Prime Trust.
In a note sent to customers on Wednesday, Prime Trust CEO and chief trust officer Scott Purcell said that the firm has closed a “nice” funding round that was led by the California-based exchange.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
Other participants in the round included Gateway Blockchain Partners, Novablock Ventures and Xsquared Ventures, Purcell said, adding: “We aren't disclosing details though.”
Notably, Prime Trust serves as OKCoin’s fiat gateway. The exchange announced last week that it has added a new payment channel allowing customers to deposit funds through Prime Trust with no fees. Withdrawals, however, are charged at $35 fee per transaction.
Last month, Prime Trust also said that, in partnership with OK Group, it plans to launch a compliant stablecoin, “OKUSD”, which will operate on the OKChain blockchain. Development of the network is at the “final” stage, OKEx said last month, adding that it plans a launch by June. A decentralized exchange (DEX) on OKChain is also on the horizon.
Prime Trust, a Nevada-based financial company, quietly entered the crypto custody business last July, first offering cold (offline) storage for bitcoin. A month later, it also started offering custody services for ether and any token issued on the ethereum blockchain under the ERC-20 standard.
Earlier this year, the firm announced that it wouldn’t charge clients for custody of digital assets any longer, in line with its custody services for stocks and bonds.
Purcell told CoinDesk at the time that Prime Trust has other sources of revenue to make up for the removal of custody fees, explaining:
“We make money just as Robinhood, Northern Trust and other traditional custodians do. The costs of custody are offset by other services.”
OKCoin image via CoinDesk archives
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Incoming voter on interest rate policy, Cleveland Fed's Hammack says no more cuts
"My base case is that we can stay here for some period of time," Cleveland Fed President Beth Hammack told the WSJ.
What to know:
- Cleveland Fed President Beth Hammack, who in 2026 will be a voter on the central bank's policy-making FOMC, says interest rates need to stay on hold for several months.
- She threw shade on last week's surprisingly soft CPI report, noting data-collection distortions created by the government shutdown.
- Other things being equal, bitcoin would typically benefit from easier Fed monetary policy, but that hasn't at all been the case in 2025.
Top Stories
