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Crypto Services Firm Prime Trust Replaces CEO Tom Pageler
It’s the latest shakeup in a rocky month for the crypto industry. FTX’s Sam Bankman-Fried sent political donations through the firm.
Crypto fintech Prime Trust’s CEO, Tom Pageler, was replaced this week, CoinDesk has learned.
Pageler had helmed the Nevada-based crypto services company since January 2021, according to his Linkedin profile. He was previously its president and chief operating officer. It was not immediately clear why Pageler was replaced; in a statement Prime Trust said he had "transitioned" but did not share his new role.
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Jor Law is the firm's interim CEO, the statement said.
"We have marquee clients, a suite of products that is unparalleled in the marketplace, and a strong core group of people. It’s times like these when efficiently run companies can really emerge to be runway winners," Law said in a statement.
The abrupt moved marks the latest shakeup in crypto this month after FTX and Alameda Research’s market-shattering collapse. Even so, Prime Trust said it had no "counterparty exposure" to FTX or BlockFi, another recently felled crypto firm.
Former FTX CEO Sam Bankman-Fried held tens of millions of dollars with Prime Trust that he later sent to political campaigns, according to a series of contribution disclosures that erroneously stated Prime Trust as the donor but were later corrected. One of his top deputies, Nishad Singh, also sent donations through Prime Trust.
Spokespeople for Prime Trust could not immediately be reached. Pageler did not respond to multiple requests for comment.
Prime Trust raised $107 million in June during a Series B round, looking to expand its services. Chief Financial Officer Rodrigo Vicuna declined to share the company’s valuation at the time.
Update (23:06 UTC 11/29/22): Adds details from Prime Trust.
Danny Nelson
Danny is CoinDesk's managing editor for Data & Tokens. He formerly ran investigations for the Tufts Daily. At CoinDesk, his beats include (but are not limited to): federal policy, regulation, securities law, exchanges, the Solana ecosystem, smart money doing dumb things, dumb money doing smart things and tungsten cubes. He owns BTC, ETH and SOL tokens, as well as the LinksDAO NFT.
Nikhilesh De
Nikhilesh De is CoinDesk's managing editor for global policy and regulation, covering regulators, lawmakers and institutions. When he's not reporting on digital assets and policy, he can be found admiring Amtrak or building LEGO trains. He owns < $50 in BTC and < $20 in ETH. He was named the Association of Cryptocurrency Journalists and Researchers' Journalist of the Year in 2020.
