BitGo, a well-established company that provides security, custody and infrastructure services for cryptocurrencies, has reached a preliminary agreement to acquire rival Prime Trust.
Cryptocurrency market 2013 BitGO, which has been operating since 2007, is seeking to buy its rival Prime Trust, which has rumors of bankruptcy. an important step threw. According to the details provided to CoinDesk by an anonymous source, the deal is yet to come. in preparation and is still awaiting final approval by the supreme board. About the agreement between the two companies financial terms not disclosed.
Taking action after the news emerged, BitGo, the parent company of Prime Trust Prime Core TechnologiesVia an official blog post that you have signed a specification to purchase the confirmed.
Prime Trust interim CEO Jor Law In his statement, he described this move as an important development for the sector. ecosystem-wide client portfolios allowed to expand.
No other company will have the products and services or the depth of experience this combined company will have. We are excited to deliver our world-class infrastructure within the wider ecosystem and revolutionize the future of crypto.
In the bear market that has been going on for about a year and a half worn out Prime Trust, in January of this year lay off a third of their employees had taken the decision. However, the company has decided to stop its operations in Texas in the past period. In addition, Prime Trust has been banned by Texas financial regulators for providing unlicensed financial services. A fine of $30,000 He faced a number of penalties, including
Lately through fundraising efforts The acquisition of Prime Trust by BitGo, which came to the fore, has been reported by market analysts. positive is welcomed.
According to experts on the subject, this is the case in the cryptocurrency custody services industry. increased consolidation is showing. BitGo’s acquisition of Prime Trust asset storage capacity And customer denominator will expand. This is a significant development for both cryptocurrency investors and businesses using these technologies. Crypto asset custody services provide secure storage of digital assets and play an important role in increasing the general acceptance of these cryptocurrencies.