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.

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