BitGo acquires Prime Trust, a crypto custodian.

BitGo Holdings Inc., a well-known company that specializes in digital asset trust and security, has announced its plans to acquire 100% of Prime Core Technologies, Inc.’s equity, the parent company of Prime Trust.

The acquisition will be a significant milestone for Prime Trust clients, providing them with business continuity, long-term stability, and regulated, secure solutions once the acquisition is executed.

BitGo To Expand Digital Asset and Fintech Infrastructure Services Worldwide Via Prime Trust Acquisition

BitGo has signed a letter of intent to acquire one of the best financial infrastructure providers for fintech and digital asset innovators worldwide as part of their plans to take their digital asset and fintech infrastructure services to a global level.

However, the agreement is non-binding, possibly because BitGo has additional due diligence to perform or Prime Trust has to meet certain conditions before finalizing the deal.

A similar situation occurred when the current CEO of Twitter, Elon Musk, disclosed his plans to purchase the giant social media company.

Regardless, the move is groundbreaking, since BitGo will be the first international digital asset firm to offer a full range of solutions for fintech platforms.

Jor Law commented on the intended acquisition, stating:

The combination of Prime Trust and BitGo would be a significant enhancement for the industry. 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 was appointed by the board on November 30, 2022, to serve as interim CEO and President of Prime Trust, as part of a leadership transition aimed at “aligning the company, its prospects, and its potential with the current marketplace.”

BitGo CEO and Co-founder Mike Belshe also commented on the acquisition, calling it a “landmark transaction” that would pave the way for a more transformative shift in the digital asset space.

This is a landmark transaction, leading a greater shift in the digital asset landscape toward a more secure and sustainable future. With the expected acquisition of Prime Trust, BitGo is well positioned to enhance its best-in-class, trusted solutions and to service the combined customer base.

Notably, BitGo Holdings Inc. has a solid balance sheet, a reputation for its credibility, and an unmatched adherence to top-deck operational standards.

These factors will undoubtedly play an enabling role in the new venture despite the current market conditions, and Prime Trust’s clients will experience a paradigm shift.

We will continue to update Phone&Auto; if you have any questions or suggestions, please contact us!

Share:

Was this article helpful?

93 out of 132 found this helpful

Discover more

News

HTX From Hot to Cold - $258 Million Flows out since Resuming Operations Last Month

After a recent security breach, HTX, which is associated with Justin Sun, has experienced a significant $248 million ...

DeFi

Curve's value increases by 22% as the founder sells CRV tokens to repay an Aave loan.

Curve experiences significant growth, with a 22% increase, thanks to the founder's successful sale of CRV to influent...

BlockChain

Justin Sun's Huobi-linked exchange, WhiteBIT, raises concerns over its lending platform.

WhiteBIT, an exchange associated with Justin Sun, has recently gained attention for offering an impressive Annual Per...

DeFi

Justin Sun's platform, Poloniex, was hacked for over $100 million. The hackers then bought TRX, causing its price to skyrocket.

Poloniex lost over 114 million USD to a hacker attack, with the hacker using the stolen funds to purchase TRX, causin...

News

Shady Transactions Raise Eyebrows as $110 Million Evaporates from HECO Bridge and HTX Exchange – What in the Crypto World is Happening?

Recent blockchain breaches on the HECO bridge and HTX platform have been reported by security firms, resulting in an ...

DeFi

Decentralized Finance and the Rise of Liquid Restaking Tokens (LRTs) on Ethereum

The emergence of popular liquid restaking platforms such as Puffer and Ether.Fi has generated billions of dollars in ...