Crypto Services Firm Prime Trust Replaces CEO Tom Pageler

It’s the latest shakeup in a rocky month for the crypto industry. FTX’s Sam Bankman-Fried sent political donations through the firm.

AccessTimeIconNov 29, 2022 at 9:25 p.m. UTC
Updated May 9, 2023 at 4:03 a.m. UTC

Crypto fintech Prime Trust’s CEO, Tom Pageler, was replaced this week, CoinDesk has learned.

Pageler had helmed the Nevada-based crypto services company since January 2021, according to his Linkedin profile. He was previously its president and chief operating officer. It was not immediately clear why Pageler was replaced; in a statement Prime Trust said he had "transitioned" but did not share his new role.

  • Meme Coin Liquidity Hits Record High
    00:46
    Meme Coin Liquidity Hits Record High
  • How Ledger Stax Plans to Make Self-Custody More Mainstream
    16:42
    How Ledger Stax Plans to Make Self-Custody More Mainstream
  • Why Dogecoin Is a 'Weird' Investment
    16:39
    Why Dogecoin Is a 'Weird' Investment
  • AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
    00:47
    AI Tokens Surge as Nvidia Becomes World’s Most Valuable Company
  • Jor Law is the firm's interim CEO, the statement said.

    "We have marquee clients, a suite of products that is unparalleled in the marketplace, and a strong core group of people. It’s times like these when efficiently run companies can really emerge to be runway winners," Law said in a statement.

    The abrupt moved marks the latest shakeup in crypto this month after FTX and Alameda Research’s market-shattering collapse. Even so, Prime Trust said it had no "counterparty exposure" to FTX or BlockFi, another recently felled crypto firm.

    Former FTX CEO Sam Bankman-Fried held tens of millions of dollars with Prime Trust that he later sent to political campaigns, according to a series of contribution disclosures that erroneously stated Prime Trust as the donor but were later corrected. One of his top deputies, Nishad Singh, also sent donations through Prime Trust.

    Spokespeople for Prime Trust could not immediately be reached. Pageler did not respond to multiple requests for comment.

    Prime Trust raised $107 million in June during a Series B round, looking to expand its services. Chief Financial Officer Rodrigo Vicuna declined to share the company’s valuation at the time.

    Update (23:06 UTC 11/29/22): Adds details from Prime Trust.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Danny Nelson

    Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.

    Nikhilesh De

    Nikhilesh De is CoinDesk's managing editor for global policy and regulation. He owns marginal amounts of bitcoin and ether.