BitGo to Acquire Crypto Custodian Prime Trust

BitGo, the custodian, signed a letter of intent to acquire 100% of Prime Core Technologies, of which the cryptocurrency custodian Prime Trust is a part.

Representatives said the deal would ensure “business continuity, long-term stability and regulated, secure solutions” for clients.

Terms of the agreement were not disclosed. According to CoinDesk, the deal still requires regulatory approval.

“No other company will have products, services or such deep expertise as this combination. We are pleased to offer world-class infrastructure within a broader ecosystem and to build the future of the crypto industry,” said Jor Low, CEO of Prime Trust.

Founded in 2016 in Las Vegas, Nevada, Prime Trust specializes in providing developer tools and APIs, including for payments, compliance, liquidity, settlements and custody of digital assets.

In June 2022, Prime Trust raised $107 million to develop the business, despite the bear market.

In August 2022, the custodian found itself embroiled in a legal battle with the bankrupt Celsius Network, which demanded the return of approximately ~$17 million in digital tokens.

Earlier in the same month, Galaxy Digital, Mike Novogratz’s crypto trading bank, refused to acquire BitGo. Later, the latter filed suit against the aborted partner, alleging a “rushed” exit from the deal.