BitGo, the well-established company that provides security, custody and infrastructure services for cryptocurrencies, has given up on purchasing its rival Prime Trust.
Cryptocurrency market 2013 BitGo, which has been operating since in its statement, announced that it has withdrawn from acquiring rival Prime Trust. BitGo claims that the Prime Trust has justified the request. their insufficient deposits showing the company critically incapacitated financial situation stressed the level.
Lately through fundraising efforts It was known that the Prime Trust, which came to the fore, was dragged to the brink of bankruptcy.
In the details of the statement made by BitGo, it was stated that Prime Trust is not in a sufficient condition to do business and comply with the purchase terms:
The general financial situation of the defendant deteriorated significantly, reaching a critically inadequate level. The defendant is currently in an unsafe or unstable state to do business. BitGo made the difficult decision to stop buying Prime Trust after significant effort and work to find a way forward.
First news on the purchase agreement between the two companies at the beginning of June In those days, BitGo announced that it had reached a preliminary agreement. The agreement in question was not compulsory.