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Crypto Custodian BitGo Set To Acquire Rival Prime Trust

  • Crypto custodian BitGo has reached a preliminary agreement to acquire rival firm Prime Trust. 
  • The deal, whose terms remain undisclosed, is subject to regulatory approval. 
  • Prime Trust’s Nevada Trust Company will join BitGo’s existing global network of regulated trust companies in multiple jurisdictions. 
  • If approved, the deal would see Prime Trust’s infrastructure map over 1:1 with the crypto custodian’s services. 

Leading crypto 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 crypto community about the Nevada-based crypto custodian’s bankruptcy. Prime Trust began catering to crypto firms in 2018 and raised $107 million in a Series B funding round held in June 2022. The funding round saw participation from Kraken Ventures, Fin Capital, FIS, and Mercato Partners. 

BitGo’s Deal To Acquire Prime Trust Subject To Regulatory Approval 

According to a report by WSJ, BitGo signed a letter of intent to acquire Prime Trust earlier today. The crypto custody firm signed a term sheet to acquire Prime Trust’s parent firm, Prime Core Technologies Inc. This acquisition made BitGo the first global digital asset company to provide a full suite of solutions for institutions and fintech platforms. The deal is subject to regulatory approval. 

No other company will have the breadth of product and services nor depth of experience that this combined company would have. We are excited to offer our world-class infrastructure within a broader ecosystem and revolutionize the future of crypto.”

Jor Law, Prime Trust’s Interim CEO, and President

BitGo, which is backed by the likes of Goldman Sachs, Digital Currency Group, DRW, and Galaxy Digital Ventures, processes approximately 20% of all global Bitcoin transactions by value and caters to over 1500 institutional clients around the world. As per the acquisition deal, Prime Trust’s Nevada Trust Company will join BitGo’s existing global network of regulated trust companies in multiple jurisdictions, including Germany and Switzerland. The deal would also see Prime Trust’s infrastructure map over 1:1 with BitGo’s services. 

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