Crypto Custody Firm BitGo Cancels Prime Trust Acquisition

📆 22/06/2023 12:00 p. m.
📰 CoinDesk

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BREAKING: BitGo cancels plan to buy Prime Trust. By JamieCrawleyCD.

Cryptocurrency custodian BitGo has terminated its acquisition of rival custody specialist Prime Trust.

BitGo made the decision after"considerable effort and work to find a path forward with Prime Trust," the firm"This decision was not made lightly and BitGo remains committed to our mission to deliver trust in digital assets," BitGo added. Prime Trust has been losing clients and deposits to competitors for weeks amid mounting concerns over its business, a source at one of the former client told CoinDesk.following speculation that the Nevada-regulated custodian was facing bankruptcy.Adds additional paragraph about Prime Trust losing clients and depositors and adds second byline.

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BitGo says it's terminating acquisition of Prime TrustBitGo said Thursday that it's terminating the acquisition of crypto custodian Prime Trust, just two weeks after it announced plans for the deal.
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