[Someone]

There’s a fairly broad disclaimer at the bottom of the page:

“Disclaimer: Custody and settlement services are offered through Prime Trust, a Nevada trust bank. Seashell Financial Inc. ("Seashell"), a Delaware corporation, does not provide legal, tax, or investment advice. Holdings of digital assets are speculative and involve a substantial degree of risk, including the risk of complete loss. There can be no assurance that any cryptocurrency, token, coin, or other digital asset will be viable, liquid, or solvent. No Seashell communication is intended to imply that any digital asset services are low-risk or risk-free. Seashell works hard to provide accurate information on this website, but cannot guarantee all content is correct, complete, or updated. Digital assets held in custody are not guaranteed by Seashell and are not FDIC-insured.”

Also, chances are you’ll have to sign something similar before signing up. I would think they probably get away with that.

[jaclaz]

> Prime Trust, a Nevada trust bank

From the little I can understand this is offering something like a "backbone" to new fintech companies via some API, definitely with some crypto-coin-related stuff, but also allowing "normal" money accounts:

https://www.primetrust.com/

The "about" page:

>What we do

>The one-stop shop for fintech innovation

>Prime Trust’s APIs and widgets power the world’s leading crypto exchanges, NFT creators, digital wallets, Alternative Trading Systems, RIA platforms, broker dealers, crowdfunding platforms, and neobanks.

though it is not clear (to me) how the actual custody works, from their help/FAQs:

https://support.primetrust.com/hc/en-us/articles/44102221908...

>Does Prime Trust offer $130m in FDIC insurance total or $250k in FDIC insurance per account?

>Prime Trust is not an FDIC-insured entity but does work with FDIC-insured banks only. To learn more about FDIC insurance, go to https://www.fdic.gov/resources/deposit-insurance/

[giantg2]

"not FDIC-insured."

Here's the important part.

[notahacker]

Yeah, frankly the latter clause is more of a red flag than a positive. It's "we're not FDIC insured, but we've thrown this basically irrelevant detail about our banks into the sentence (they're not storing your money in banks), because it might confuse some people into thinking there is some degree of protection, and those are the sort of people we want as customers"