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BitGo

BitGo Pulls The Plug On Prime Trust Acquisition, Citing Insurmountable Challenges

Ronaldo Marquez
by Ronaldo Marquez
2 years ago
·
Posted in Crypto News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

BitGo, a leader in digital asset trust and security, has announced that it has terminated its acquisition of Prime Trust, a technology-driven financial institution that provides custody and escrow services for the digital asset industry. 

The decision was made after considerable effort to find a path forward with Prime Trust, but ultimately, BitGo encountered insurmountable challenges that made it impossible to move forward with the acquisition.

BitGo And Prime Trust Part Ways

On June 8th, 2023, the company announced signing a non-binding term sheet to acquire 100% of the equity of Prime Core Technologies, Inc., the parent company of Prime Trust. 

The acquisition was expected to bring business continuity, long-term stability, and regulated, secure solutions to Prime Trust’s clients. With this acquisition, BitGo could have become the first global digital asset company to provide a full suite of solutions for institutions and fintech platforms.

Related Reading: Arbitrum Devs Release Orbit Framework In Push For Ethereum L3’s

In the June 8th announcement, Mike Belshe, CEO and Co-Founder of BitGo, expressed excitement about the landmark transaction, stating that it would lead to a greater shift in the digital asset landscape toward a more secure and sustainable future. 

He added that the acquisition would enhance the firm’s best-in-class, trusted solutions and enable the company to service the combined customer base.

The acquisition was seen as a significant enhancement for the industry, as it combined BitGo’s strong balance sheet, operational standards, and credibility with Prime Trust’s world-class infrastructure, fintech API, and network of banking partners and payment rails. 

This combination was expected to revolutionize the future of crypto and reinforce BitGo Wallet Services (BWS) and BitGo’s Go Network – custody, liquidity, settlement, and compliance capabilities to map over 1:1.

However, while the specific challenges were not disclosed, the termination of the acquisition is a setback for BitGo’s mission to deliver trust in digital assets. 

The company has a strong reputation in the industry for its secure custody and multi-signature wallet solutions, and the acquisition of Prime Trust was seen as a strategic move to expand its capabilities and reach.

In a statement, BitGo expressed regret over the decision and acknowledged the hard work and dedication of the Prime Trust team. The company also emphasized that it remains committed to its mission of delivering trust in digital assets and will continue to explore opportunities to expand its offerings and capabilities.

Related Reading: BitMEX’s CEO Calls For Crypto Exchanges To Ditch Internal Market Makers

The acquisition by BitGo was seen as a significant opportunity for the company to leverage the expertise and resources of a larger player in the industry. However, with the acquisition now off the table, Prime Trust may need to explore other paths to growth, such as partnerships or collaborations with other companies in the industry.

Overall, while the termination of the Prime Trust acquisition is a disappointment for both companies, BitGo says its commitment to delivering trust in digital assets remains strong.

BitGo
Bitcoin losing the $30,000 mark on the 1-day chart. Source: BTCUSDT on TradingView.com

Featured image from Unsplash, chart from TradingView.com 

Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ronaldo Marquez

Ronaldo Marquez

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Ronaldo is a seasoned crypto enthusiast with over four years of experience in the field. He is passionate about exploring the vast and dynamic world of decentralized finance (DeFi) and its practical applications for achieving economic sovereignty. Ronaldo is constantly seeking to expand his knowledge and expertise in the DeFi space, as he believes it holds tremendous potential for transforming the traditional financial landscape.

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