The Californian BitGo signed a letter of intent for theacquisition from Prime Trustanother American specialist of crypto-custody.
BitGo announced last night that it had entered into a preliminary agreement (letter of intent) to acquire Prime Core Technologiesthe parent company of Prime Trustto strengthen its digital asset custody services.
The combination of Prime Trust and BitGo would be a significant improvement for the industry. No other company will have the breath of products and services or depth of experience that this combined company would have,” said Prime Trust boss Jor Law in a statement.
Founded in 2016 in Las Vegas, Prime Trust offers a suite of products including crypto-custody solutionsand fintech API infrastructures or even payment rails. The firm has raised a total of $176 million since its inception, from the likes of Samsung NEXT, Kraken Ventures, Trajectory Ventures and Tagus Capital, according to Crunchbase data.
“This is a historical transactionleading to a more significant shift in the digital asset landscape towards a more secure and sustainable future,” proclaimed BitGo founder Mike Belshe.
In 2021, Galaxy Digital announced the acquisition of BitGo for $1.2 billion. Investor Mike Novogratz’s crypto firm finally backed out last summer.
Earlier this year, BitGo has partnered with Sui. The L1 blockchain network relies on its crypto custody services.
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