Crypto Services Company Prime Trust Lays Off One-Third of Staff

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. 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 in the state.

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