On June 22, wallet infrastructure provider and digital asset custodian BitGoon Twitter that it had decided to cancel its acquisition of fintech infrastructure provider Prime Trust. According to BitGo, “This decision was not made lightly.” The full announcement read:
“After considerable effort and work to find a path forward with Prime Trust, BitGo has made the hard decision to terminate its acquisition of Prime Trust. This decision was not made lightly and BitGo remains committed to our mission to deliver trust in digital assets.” BitGo’s deal cancellation comes merely two weeks after it shared its non-binding letter of intent to acquire Prime Trust. Although the specific details of the agreement were not disclosed, the potential acquisition between BitGo and Prime Trust was poised to provide BitGo with access to Prime Trust's payment rails and cryptocurrency IRA fund, and the opportunity to broaden its wealth management services.
Additionally, integrating Prime Trust's Nevada Trust Company into BitGo's network of regulated trust companies across various jurisdictions would have marked a significant expansion for the company. Unconfirmed rumors on Twitter speculated that the deal may have been called off due to a cease and desist order Prime Trust allegedly received from Nevada State regulators. However, these rumors could not be verified at this time.PRIME IS HALTING ALL WITHDRAWALS OF FIAT AND CRYPTO EFFECTIVE IMMEDIATELY.
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