BitGo abandons bid to acquire Prime Trust, a crypto custodian

BitGo has abandoned its bid to acquire Prime Trust, the cryptocurrency custodian.

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 (@BitGo) June 22, 2023

“After substantial effort and work aimed at finding a path forward with Prime Trust, BitGo has made the difficult decision to terminate the acquisition of Prime Trust. This decision was not taken lightly. BitGo remains committed to our mission to deliver trust in digital assets,” said company representatives.

Founded in 2016 in Las Vegas, Nevada, Prime Trust specializes in providing developer tools and APIs, including for payment systems, compliance, liquidity, settlements, and custody of digital assets. The company counts around 700 fintech and crypto projects among its clients.

In June 2022, Prime Trust raised $107 million for its business development, despite the bear market.

In August 2022, the custodian was involved in a legal dispute with обанкротившейся криптолендинговой платформой Celsius Network, which demanded to return roughly ~$17 million in digital tokens.

Earlier in June, BitGo entered into a preliminary agreement to acquire 100% of Prime Core Technologies. Prime Core Technologies includes Prime Trust.