Prime Trust rolls out PrimeX for instant crypto-fiat trade settlement

The Nevada-based crypto custodian and trust company Prime Trust has rolled out a real-time settlement network that enables counterparties to transfer assets.

As per a press release, the new service called PrimeX will allow Prime Trust’s institutional and retail clients to immediately transfer assets, such as stocks, bonds, real estate, fiat currencies, and digital currencies, between any of their own or another client institution’s or individual’s account.

The platform, which is available 24/7, will not impose a limit on transfer amounts or charge for the new service.

“Leveraging Prime Trust’s ability to custody a wide variety of assets, the Prime Exchange Network is the world’s first platform for 24/7 settlement of multiple FIAT currencies, as well as digital assets, all in one qualified custodian,” Kevin Lehtiniitty, Chief Product Officer of Prime Trust, said.

The company said the platform is currently being used by “industry-leading exchanges, OTC desks, market makers, stablecoins, and traders” without specifying these clients.

As previously reported, accounting behemoth KPMG also teamed up with software firms TOMIA, Microsoft, and R3 to develop a blockchain-based settlements solution to address cross-border and cross-network issues.