BitGo, a major provider of digital asset custody and security solutions, has announced that it has terminated its agreement to acquire Prime Trust, a rival crypto custody and financial services platform.
BitGo Holdings announced earlier this month that it has entered into a non-binding agreement to acquire 100% of the equity of Prime Trust's parent company, Prime Core Technologies. The company said the deal would bring business continuity and long-term stability to Prime Trust clients.
"This decision was not taken lightly, and BitGo remains committed to our mission to build trust in digital assets," the company said in a message on Twitter. The company said the decision was made after "significant effort and work to find a way forward."
Prime Trust started serving crypto companies in 2018, and the firm announced that it serves approximately 700 fintech and crypto clients. But recently, Binance.US, which was previously sued by the U.S. Securities and Exchange Commission for alleged violations of the country's securities laws, among other charges. lost several customers, including its stock market.
* Not investment advice.
