BitGo Signed Letter of Intent to Acquire Prime Trust

BitGo Holdings, Inc. signed a non-binding term sheet to acquire 100% of the equity of Prime Core Technologies, Inc., the parent company of Prime Trust.

Key expected transaction benefits include:

“Prime Trust’s Nevada Trust Company will join BitGo’s existing global network of regulated trust companies in South Dakota, New York, Germany, and Switzerland.””Prime Trust’s fintech API infrastructure and Prime Trust exchange network to reinforce BitGo Wallet Services (BWS) and BitGo’s Go Network — custody, liquidity, settlement, and compliance capabilities to map over 1:1.””BitGo to gain Prime Trust’s world-class network of banking partners and payment rails, crypto IRA, and additional wealth management offerings.”“The combination of Prime Trust and BitGo would be a significant enhancement for the industry,” said Prime Trust’s Interim CEO and President, Jor Law.“With the expected acquisition of Prime Trust, BitGo is well positioned to enhance its best-in-class, trusted solutions and to service the combined customer base,” Mike Belshe, CEO and Co-Founder of BitGo, was quoted as saying.The letter of intent follows our recent report on the rumors of potential bankruptcy of Prime Trust. The deal is yet to be finalized.

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