Prime Trust has replaced Tom Pageler at the helm. Pageler will be replaced by interim CEO Jor Law in a new leadership shakeup for the company’s top role.
Prime Trust isn’t usually wellknown by many Bitcoin fans but a lot of people interact with their products every day. If you use Swan to DCA then you’ve used Prime Trust. If you use Strike to zap lightning payments across the globe then you are also using a Prime Trust service. Prime Trust has a lot of users because a lot of companies are using their services to build out offerings.
Today, the Prime Trust Board of Directors announced a leadership transition to better align the company, its prospects and its potential with the current marketplace. To that end, the Board appointed Jor Law to the role of Interim Chief Executive Officer, effective immediately.
We want to thank Tom Pageler for his service and we are excited to welcome Jor to the team, and believe he is the right person to lead us through this transition. He is a former member of the Prime Trust Board, [a] long-time strategic advisor, and possesses the regulatory, legal and international experience that will help ensure the company is optimally-positioned to seize growth opportunities in the rapidly-evolving digital finance industry.
Tom Pageler has been leading the company since he took over for outgoing CEO Scott Purcell in 2021. Pageler had previously joined the company in July of 2020 to serve as President and Chief Operating Officer. Pageler had joined the company with experience from BitGo, Visa and JP Morgan along with a slew of other companies based on his LinkedIn profile.
During Pageler’s tenure he oversaw Prime Trust raise $107 million in a Series B round focused on expanding its suite of financial products around all sorts of NFT and staking projects. “We see lots of the large banks, customers wanting to have tokenized securities being able to trade traditional assets 24/7,” Pageler was quoted at the time of the raise. “This funding will ensure we can bring that value add to all of our customers.”
He was also top brass when Prime Trust was erroneously credited as the contributor to Sam Bankman-Fried’s super PAC. Prime Trust had been listed on a $14 million donation to Protect Our Future in an FEC filing. This was due to the funds originating from Prime Trust on behalf of a customer. It ended up being $13 million from SBF and $1 million from FTX’s Nishad Singh.
Prime Trust has not provided any additional details about why they made the decision to change leadership or if this change will result in strategic changes moving forward.
Jor Law, Pageler’s successor, had served on Prime Trust’s Board of Directors for nearly 6 years. He’s also an advisor to many companies including Swan.
Posted from Good Morning Bitcoin : https://goodmorningbitcoin.com/2022/11/30/financial-infrastructure-provider-prime-trust-has-new-ceo/