Prime Trust continues to monitor the market volatility, and has taken measures to allow customers to resume trading for more asset pairs.
As of this posting, we are supporting USD trading with the following digital assets:
- USDC (AVAX)
Our liquidity capacity for these assets are now restored to the levels we were able to support prior to the FTX collapse, and we are actively working on sourcing additional liquidity. Please be aware that market volatility may cause this situation to change again. We will continue to watch this diligently and will make you aware of any changes.
Also, we recognize that spreads are still larger than we had seen prior to the increase in market volatility, and we are continuing in our efforts to lower them.
Withdrawals are in no way being blocked for any of the digital assets we support. Our platform remains stable and available to our customers.
Nov 23, 16:51 PST
Market volatility combined with 10 sec RFQ and instant settlement caused execution costs to spike. This caused larger spreads over the past few days.
Additionally, we are seeing liquidity providers across the market pull back due to the uncertainty resulting from FTX.
To stabilize trading and to continue to provide service for our customers, we are increasing our capital contribution to certain liquidity providers to lessen the spread on BTC. Liquidity may be intermittent during this time. All other pairs will be temporarily halted.
We will provide updates on an ongoing basis via Twitter and our status page here.
Nov 11, 12:32 PST
To our customers - we know there is concern over the volatility in the market and the FTX situation. We want to be clear: Prime Trust possesses the financial strength to execute on our customer commitments.
Prime Trust is a regulated Trust company and acts as a Qualified Custodian. We safeguard our customers’ assets, and their security is our utmost priority. To address the concerns we are seeing:
We do not have counterparty exposure to the FTX ecosystem. Our financial condition is in no way tied to theirs.
Movement of customer funds occurs only at the direction of that customer. We are not rehypothecating assets, or engaging in any lending or borrowing services.
Your assets belong ONLY to you. All assets held on behalf of customers are tracked via an audited ledger and earmarked for each customer. This means customers’ assets will always be owned by and available to that customer. Customer funds and corporate funds are kept separate.
Our priority is to provide critical functionality to our customers. We will continue to work diligently, day in and day out, to ensure our platform sets our customers and their users up for success even during market volatility and downturns.
We will be communicating updates on an ongoing basis.
Nov 11, 11:50 PST
Customers of Prime Trust may be experiencing delays in processing transactions through our liquidity platform. This delay stems from general volatility within the digital asset ecosystem. Prime Trust has been monitoring our own platform performance during this time and have not observed any latency or failures as a result. We remain committed to our customers and will communicate information as often as possible. Thank you for your patience.
Nov 9, 13:25 PST