BitGo Holdings, Inc. has announced its intention to acquire Prime Core Technologies, Inc., the parent company of Prime Trust.according to Blog posted by BitGoThe acquisition is intended to provide business continuity, long-term stability, regulated and secure services to Prime Trust clients.
Prime Trust expressed 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. There will be no other,” he said. We are excited to provide world-class infrastructure within our broader ecosystem and revolutionize the future of cryptocurrency. ”
In a blog post, he listed the benefits the acquisition could bring to both companies. First, he 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. Additionally, the expansion will strengthen BitGo’s presence and regulatory reach. The blog also explained how Prime Trust’s fintech API infrastructure and exchange network will enhance 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 contributes to a more secure and sustainable future for the digital asset landscape. “With the anticipated acquisition of Prime Trust, BitGo is well-positioned to strengthen its best-in-class trusted solutions and serve its combined customer base,” Berchet said.
The deal is still subject to regulatory approvals and no further details regarding the transaction have yet been disclosed.
Recently, Bitcoin-only exchanges have appeared. strike and swan Both have announced they will be released from custody through Prime Trust. Strike announced it would use its own custody service, while Swan moved to Fortress Trust and BitGo, which was founded by former Prime Trust founder Scott Purcell. The acquisition announcement neither mentions nor confirms rumors that Prime Trust, which has been the center of speculation on Bitcoin’s Twitter, is facing bankruptcy.