BitGo Plans to Acquire Crypto Custodian Prime Trust

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Custodian BitGo has reached a preliminary agreement to purchase all 100% of the securities of Prime Core Technologies, which includes cryptocurrency custodial company Prime Trust.

Representatives of the former mentioned that this agreement provides “continuity of operations, long-term stability and regulated, secure solutions” for customers.

Although terms of this deal have not been announced, the deal is still subject to regulatory approvals, according to CoinDesk.

Prime Trust CEO Jor Law excitedly remarked that this alliance demonstrated unparalleled products, services, and experiences.

Founded in 2016 in Las Vegas, Nevada, Prime Trust offers a variety of services such as APIs, payment systems, compliance, liquidity, settlement, and digital asset custody. In June 2022, Prime Trust raised $107 million to expand its business in the bear market.

In August, Prime Trust experienced legal difficulties with the bankrupt crypto lending platform Celsius Network, resulting in them initiating a $17 million digital token demand.