Scott Purcell, founder of Prime Trust, has announced that his newest venture, Fortress Trust, has hired more former regulators. Purcell is founder and CEO of Fortress Blockchain Technologies, the parent company of Fortress Trust.
First, Fortress Trust has added Joe Mulberry to the executive team as EVP of Regulatory Licensing. Mulberry previously spent 30 years at the Wyoming Banking Division where he served as Deputy Commissioner and most recently as Interim-Banking Commissioner. While at the Banking Division, Mulberry’s primary duties were to supervise money transmitters and non-bank consumer lenders.
Additionally, Fortress Trust has hired Tudor Prisneac who is leading the Fortress Trust Financial Intelligence Unit. Prisneac’s background started in Europe at the financial intelligence unit of the Republic of Moldova, where he “conducted investigations related to fraud, corruption, and other predicate offenses reported by banks, money services businesses, and other reporting entities.”
Previously Fortress Trust hired Albert Forkner, former Banking Commissioner in Wyomong as CEO of Fortress Trust, along with Amanda Ortega, former Deputy Banking Commissioner, and now CCO and CRO at Fortress.
Purcell said that news of assets being locked or subject to third-party claims due to bankruptcies – think Three Arrow Capital or Celsius, points to the need for a regulatred trust structure to safeguard assets.
“This is the reason I’ve built the team at Fortress Trust with a deep regulatory bench so it is poised to competently provide this infrastructure to this rapidly emerging industry,” said Purcell.
He added:
“Web3 will utterly transform the world as every asset imaginable is digitized and placed on the blockchain, Like the dawn of the internet, marketplaces, neobanks and other industry participants need purpose-built financial, regulatory and technology infrastructure so they can create frictionless customer experiences and scale their businesses. With our embeddable wallet technology, API-minting engine, payments and trust services, we offer the next generation of innovators the tools and technology to quickly launch and seamlessly scale. Crypto-winter aside, the world is changing and it’s exciting to be at the forefront with so many incredible partners and customers who are leading the way.”
Purcell made a name for himself as founder of Prime Trust and Fund America first serving online capital formation providers and then migrating over to the booming digital asset sector. His companies were the first, or some of the first to provide regulated custody services as well as other important foundational features. Now, Purcell is aiming to do the same with Web3 assets and services.
