Who is Prime Trust?
We have partnered with Prime Trust to store your bitcoin and protect your investment. Prime Trust provides many bitcoin buying applications that you’ve probably heard of or even used. Our partnership allows Fold to focus on the buying and rewards experience, while leaving the heavy lifting of custodial bitcoin security with trusted experts.
To read more, see their user agreement.
Why do we use Prime Trust?
Prime Trust is a regulated Trust Company. Trusts are very limited in what they can do and are not allowed to engage in the higher risk aspects of banking that other exchanges and traditional banks do. Trusts cannot engage in lending or rehypothecating the assets under custody— all they can do is hold your bitcoin for you.
That said, at Fold we believe self-custody is one of the most important aspects of bitcoin and we take it seriously. That’s why we encourage you to use Fold’s bitcoin buying feature to buy bitcoin, not hold it. Once you’ve purchased bitcoin we recommend you withdraw it to self-custody where you hold the keys. We are happy to help with recommendations on self-custody solutions here.