Scott Purcell, the founder of Prime Trust (and Fund America) and former CEO, is moving into the NFT or non-fungible token market, aiming to provide “peace of mind” and security for these digital assets – somewhat similar to what he did for other assets.
In a widely distributed email, Purcell explained his thoughts on the NFT, or digital collectibles, markets:
“Remember that an NFT is really just a key that unlocks data in a filing cabinet (database). Eventually, your personal health records, thanks to the CURES Act requiring hospitals, insurance companies, and healthcare institutions to open their databases via API’s, will be unlocked via an NFT. Do you want your xrays, MRI’s, prescriptions, and other information stored on countless personal computers around the world? No, of course not. And the same goes for content creators; nobody wants their music, film, art, photographs, writings, games, real estate deeds, contracts or other intellectual property distributed across countless personal computers that are owned and operated by people who aren’t paid, aren’t supervised, and aren’t regulated.”
Purcell states that his new startup Fortress Blockchain Technologies is building a centralized custodian for these digital assets. While the crypto world tends to shy away from centralized as DeFi, or decentralized services are the new hotness now, Purcell believes that safety will trump coolness in the longterm. This makes some sense. FBT is said to be the first “Trust-as-a-Service platform” that extends the typical BaaS offering to the blockchain and other alternative assets.
From account opening to blockchain payments, FBT is offering APIs to provide infrastructure covering:
- Account Opening
- Custody
- Payments
- Crypto Trading
- Fraud Mitigation
