The payments subsidiary of crypto custodian Prime Trust, Banq, filed for bankruptcy protection in the United States on June 13, court documents show..to acquire Prime Trust, which was announced on June 8.listed $17.72 million and liabilities of $5.4 million and cited the “unauthorized transfer” of $17.5 million in assets to Fortress NFT Group as well as the illicit transmission of trade secrets and proprietary information to Fortress.
While the terms of the deal were not disclosed, if it 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. BitGo stated:
“This acquisition makes BitGo the first global digital asset company to provide a full suite of solutions for institutions and fintech platforms.”Swiss digital asset custody provider MetacoThe BitGo/Prime Trust deal, if it goes ahead, comes just as the United States Securities and Exchange CommissionRelated: