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 how many are affected by the reduction wasn’t immediately apparent. One person characterized the move as a cost-cutting measure. Prime Trust builds crypto and fiat payment, custody, and regulatory services for other crypto companies including Swan, Abra, and Okcoin.
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 The company declined to comment at the time on why the application was withdrawn, but public records show Prime Trust was fined nearly $30,000 by Texas regulators in 2022 for conducting money transmission activities in the state without a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.