Crypto keeper BitGo ceases Prime Trust acquisition

Prime Trust has reportedly faced a turbulent few months of staff layoffs, client losses and further concerns surrounding its business

The cryptocurrency custodian BitGo has announced it will no longer follow through with its acquisition of rival firm, Prime Trust.

Earlier this month, following speculation that it was under financial difficulties and facing bankruptcy, BitGo reached a preliminary agreement to acquire Prime Trust for an undisclosed amount.

However, “after considerable effort and work to find a path forward with Prime Trust” BitGo made the “hard decision to terminate its acquisition,” the firm tweeted.

“This decision was not made lightly and BitGo remains committed to our mission to deliver trust in digital assets.”

Following BitGo’s tweet, crypto exchange Stably told customers of its custodian Prime Trust's intention to halt all deposits and withdrawals of fiat and digital assets for custody.

“Please take action immediately to stop sending client custody assets to Prime Trust, especially digital assets. During this period, we will suspend certain business expansion activities such as signing new customer contracts,” read the announcement.

Prime Trust is reportedly said to be in the process of “determining next steps” to return to business as normal while it works with “regulators to provide more clarification.”

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Written by Isabella Aslam


Isabella is an experienced writer in B2B and B2C journalism. Alongside crypto, Isabella writes and discusses the topics of relationships and psychology. Isabella holds a first-class degree in music journalism and often interviews electronic artists and DJs.

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