Wallet infrastructure provider and digital asset custodian BitGo have signed a non-binding letter of intent to acquire fintech infrastructure provider Prime Trust, according to an announcement on June 8.
The terms of the agreement were not disclosed. If the deal goes through, BitGo will acquire Prime Trust’s payment rails and cryptocurrency IRA fund and increase its wealth management offerings.
Prime Trust’s Nevada Trust Company will also join BitGo’s network of regulated trust companies in South Dakota, New York, Germany, and Switzerland. Prime Trust’s API infrastructure and exchange network will “map over 1:1” with BitGo services. According to the BitGo statement:
“This acquisition makes BitGo the first global digital asset company to provide a full suite of solutions for institutions and fintech platforms.”
The crypto custody market is evolving rapidly, with Ripple acquiring Swiss digital asset custody provider Metaco in May for $250 million. In addition, technological advances are impacting the market.
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.
This acquisition makes BitGo the first global… pic.twitter.com/CUcTUeCFKu
— BitGo (@BitGo) June 8, 2023
The acquisition comes as the United States Securities and Exchange Commission
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Author: Derek Andersen
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