/cdn.vox-cdn.com/uploads/chorus_asset/file/24016885/STK093_Google_04.jpg)
/cdn.vox-cdn.com/uploads/chorus_asset/file/24808816/Starfield__The_Settled_Systems___Supra_Et_Ultra_____Starfield__The_Settled_Systems___Supra_Et_Ultra_2023_7_25_94252.263_1440p_streamshot.png)
BitGo Holdings, Inc., acquired Prime Core Technologies, Inc., the parent company of Prime Trust. has announced its intention to acquire According to Blog posted by BitGoThe acquisition is aimed at providing business continuity, long-term stability and regulated, secure services to Prime Trust’s clients.
Prime Trust expressed its excitement about the potential partnership. Jor Law, Interim CEO and President of Prime Trust, said he believes the combination of Prime Trust and BitGo will be a game-changer for the industry, adding, “No other company will have a breadth of products and services Nor will the depth of experience this combined company will have. We are excited to offer our world-class infrastructure within a broader ecosystem and revolutionize the future of crypto.”
The blog posting listed the benefits that the acquisition could result in for both companies. First, it was noted that Prime Trust’s Nevada trust company will join BitGo’s global network of regulated trust companies, which already includes entities in South Dakota, New York, Germany, and Switzerland. Furthermore, the expansion will enhance BitGo’s presence and regulatory reach. In addition, the blog details how Prime Trust’s fintech API infrastructure and exchange network will reinforce BitGo’s existing services, including custody, liquidity, settlement and compliance capabilities.
BitGo CEO and co-founder Mike Belshe sees the acquisition as a milestone transaction that will contribute to a more secure and sustainable future for the digital asset landscape. “With the expected acquisition of Prime Trust, BitGo is well-positioned to enhance its best-in-class, trusted solutions and serve the combined customer base,” Belshe said.
The deal is still subject to regulatory approval, and further details of the transaction have yet to be disclosed.
More recently, bitcoin-only exchanges strike And Swain The two announced that they would be moving away from custody through a prime trust. Strike announced it would be using its own custody services, while Swann is moving to Fortress Trust and BitGo, with Fortress Trust being set up by Scott Purcell, the former founder of Prime Trust. The acquisition announcement did not address or confirm rumors that Prime Trust is facing bankruptcy, which has been a focus of speculation on Bitcoin Twitter.
