BitGo Holdings, Inc. announced Its intention to acquire Prime Core Technologies, Inc. , the parent company of Prime Trust. according to Blog posted by BitGoThe acquisition aims to achieve business continuity, long-term stability and orderly and secure services for Prime Trust customers.
Prime Trust expressed excitement about the potential partnership. Jor Low, 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, saying: “No other company will have such a wide range of products and services and not have the depth of expertise this combined company will have.” We are excited to bring our world-class infrastructure within a broader ecosystem and revolutionize the future of cryptocurrency.”
The blog post listed the benefits the acquisition could hold for both companies. First, it indicated that Prime Trust subsidiary Nevada Trust will join BitGo’s global network of regulated trusts, which already includes entities in South Dakota, New York, Germany and Switzerland. In addition, the expansion will enhance BitGo’s presence and organizational scope. Furthermore, the blog described how Prime Trust’s fintech API infrastructure and exchange network will enhance BitGo’s existing services, including custody, liquidity, settlement and compliance capabilities.
Mike Belshe, CEO and co-founder of BitGo, sees the acquisition as a landmark transaction that will contribute to a more secure and sustainable future for the digital asset landscape. Belshe stated, “With the expected acquisition of Prime Trust, BitGo is well positioned to enhance its best-in-class trust solutions and service to its shared customer base.”
The deal is still subject to regulatory approval, and no further details regarding the deal have been disclosed.
Recently, only bitcoin exchange He hits And swan Both announced that they would be moving away from conservatorship through the Prime Trust. Strike has announced that it will leverage its custodial services, while Swan is moving into the Fortress Trust and BitGo, where the Fortress Trust was founded by former Prime Trust founder Scott Purcell. The acquisition announcement did not address or confirm the rumors that Prime Trust was facing bankruptcy, which has been the center of speculation on Bitcoin Twitter.