BitGo Signed Letter of Intent to Acquire Prime Trust
"BitGo signed a term sheet to acquire the equity of Prime Core Technologies, Inc., the parent company of Prime Trust, bringing business continuity, long-term stability and regulated, secure solutions to valued Prime Trust clients," said the announcement.
- BitGo Holdings, Inc. signed a non-binding term sheet to acquire 100% of the equity of Prime Core Technologies, Inc., the parent company of Prime Trust.
Key expected transaction benefits include:
- "Prime Trust’s Nevada Trust Company will join BitGo’s existing global network of regulated trust companies in South Dakota, New York, Germany, and Switzerland."
- "Prime Trust’s fintech API infrastructure and Prime Trust exchange network to reinforce BitGo Wallet Services (BWS) and BitGo’s Go Network — custody, liquidity, settlement, and compliance capabilities to map over 1:1."
- "BitGo to gain Prime Trust’s world-class network of banking partners and payment rails, crypto IRA, and additional wealth management offerings."
“The combination of Prime Trust and BitGo would be a significant enhancement for the industry,” said Prime Trust’s Interim CEO and President, Jor Law.
- “With the expected acquisition of Prime Trust, BitGo is well positioned to enhance its best-in-class, trusted solutions and to service the combined customer base,” Mike Belshe, CEO and Co-Founder of BitGo, was quoted as saying.
- The letter of intent follows our recent report on the rumors of potential bankruptcy of Prime Trust. The deal is yet to be finalized.
