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Crypto Services Company Prime Trust Lays Off One-Third of Staff
The cost-cutting measure comes after a rocky start to 2023 for the Las Vegas-based company.
Crypto services company Prime Trust laid off one-third of its staff Tuesday, two people familiar with the matter said.
The cuts largely impacted staff in Prime Trust’s communications and compliance departments, though a full picture of the how many are affected by the reduction wasn’t immediately apparent. One person characterized the move as a cost-cutting measure.
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Prime Trust builds crypto and fiat payment, custody and regulatory services for other crypto companies including Swan, Abra and Okcoin.
The layoffs come amid a series of public difficulties for the company.
Last week, Prime Trust said it would be suspending business operations in Texas by Jan. 31 after withdrawing its applications to receive a money transmitter license (MTL) in the state. The company declined to comment at the time on why the application was withdrawn, but public records show Prime Trust was fined nearly $30,000 by Texas regulators in 2022 for conducting money transmission activities in the state without a license.
In November, Prime Trust CEO Tom Pageler was replaced with Jor Law, the current interim CEO.
A representative for the company did not immediately return a request for comment.
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.
Cheyenne Ligon
On the news team at CoinDesk, Cheyenne focuses on crypto regulation and crime. Cheyenne is originally from Houston, Texas. She studied political science at Tulane University in Louisiana. In December 2021, she graduated from CUNY's Craig Newmark Graduate School of Journalism, where she focused on business and economics reporting. She has no significant crypto holdings.
