- Cryptocurrency custodian BitGo has reached a preliminary agreement to acquire rival firm Prime Trust.
- Terms of the deal were not disclosed, pending regulatory approval.
- Prime Trust’s Nevada trust companies will join BitGo’s existing global network of regulated trust companies in multiple jurisdictions.
- If approved, the deal would see Prime Trust’s infrastructure mapped 1:1 with the services of a cryptocurrency custodian.
Leading cryptocurrency custodian BitGo has reached a preliminary agreement to acquire rival firm Prime Trust. News of Prime Trust’s acquisition comes amid widespread rumors in the cryptocurrency community that the Nevada-based cryptocurrency custodian has gone bankrupt. Prime Trust began serving crypto companies in 2018 and raised $107 million in a Series B round in June 2022. The round saw participation from Kraken Ventures, Fin Capital, FIS and Mercato Partners.
BitGo’s deal to acquire Prime Trust is subject to regulatory approval
according to a report wall street journal, BitGo signed a letter of intent to acquire Prime Trust earlier today.cryptocurrency custody Company signs term sheet to acquire Prime Trust parent company, The acquisition by Prime Core Technologies Inc. makes BitGo the first global digital asset company to offer a full suite of solutions for institutions and fintech platforms. The transaction is subject to regulatory approval.
No other company offers such a broad range of products and services, nor such experience, as the combined company. We’re excited to offer our world-class infrastructure across the wider ecosystem and revolutionize the future of cryptocurrencies. ”
Jor Law, Interim CEO and President, Prime Trust
Backed by firms including Goldman Sachs, Digital Currency Group, DRW and Galaxy Digital Ventures, BitGo processes approximately 20% of all global Bitcoin transactions by value and serves more than 1,500 institutional clients worldwide. Under the acquisition, Prime Trust’s Nevada trust companies will join BitGo’s existing global network of regulated trust companies in multiple jurisdictions, including Germany and Switzerland. The deal will also see Prime Trust’s infrastructure mapped 1:1 with BitGo’s services.