I'm thrilled to announce that Tom Pageler has joined Prime Trust as our new President & COO. He'll be responsible for all operations of the company, guiding us through our current hyper growth. Tom was previously COO (and a member of the Board of Directors) at BitGo, and prior to that his resume includes CRO/CSO at Neustar, CRO/CISO at Docusign, Exec Director at JP Morgan/Chase, Head of Risk at Visa, and Special Agent of the US Secret Service (electronic crimes).
Also, it's my pleasure to welcome Kati Vue to our team as VP of Operations. She comes to us from First American Payment Systems, where she was Sr Dir of Compliance & Settlement Processing of the multi-billion dollar payment firm. Her prior experience includes FIS/Worldpay and Firstbank of Colorado. She will head up the wire room and payment operations for all fiat and digital rails.
Additionally we have hired almost a dozen new employees. We have job openings in every department, including accounting, customer service, financial operations, engineering and compliance. This is to handle the unprecedented growth we are seeing across all business lines, which we expect to continue increasing in velocity in the coming months with the launch of new operations globally, new services and enhanced technology.
Just one example of our growth is the Prime Settlement Network (aka "PrimeX"). This service didn't even exist a year ago, and in the first quarter of 2020 it settled over 600,000 transactions. Compare that to our next biggest competitor, Silvergate Bank Exchange Network (aka "SEN"), which settled 31,000 transactions in the quarter - we did more than 20-times their volume. And PrimeX continues to grow fast, both for cryptocurrency counterparties and for the upcoming launch of numerous Alternative Trading Systems ("ATS") which will be using PrimeX to settle transactions of private securities and real estate interests.
More good things are coming soon, including some incredible new technology and services. Reach out to me or anyone on my team anytime with questions, suggestions or ideas.