Crypto custodian and enterprise wallet provider BitGo has announced its intention to acquire fintech infrastructure company Prime Trust.
The deal comes at a time when the crypto custody market is undergoing rapid changes and challenges
Crypto custodian and enterprise wallet provider BitGo has announced its intention to acquire fintech infrastructure company Prime Trust. The acquisition, which is subject to regulatory approval and other closing conditions, would make BitGo the first global digital asset company to provide a full suite of solutions for institutions and fintech platforms.
By acquiring Prime Trust, BitGo would expand its wealth management offerings and add another regulated trust company to its network, which already includes trust companies in South Dakota, New York, Germany and Switzerland. BitGo would also leverage Prime Trust's API infrastructure and exchange network, which are compatible with BitGo's services.
The deal comes at a time when the crypto custody market is undergoing rapid changes and challenges, such as the proposed rule changes by the U.S. Securities and Exchange Commission that would make it harder for crypto companies to act as custodians of their customers' funds. BitGo and Prime Trust have not commented on rumors that the latter is insolvent.
