BitGo Terminates Plan To Acquire Prime Trust

BitGo, a leading provider of digital asset financial services, has recently announced its decision to terminate its plan to acquire Prime Trust, a crypto custodian firm. The announcement came just two weeks after BitGo revealed its intention to acquire Prime Trust, stating that the acquisition would allow the company to expand its suite of products and services for institutional clients. However, BitGo cited ongoing issues with Prime Trust's deposits as the reason for terminating the acquisition.

The decision to terminate the acquisition was not taken lightly, as BitGo had reportedly put in considerable effort and work to resolve the issues with Prime Trust's deposits. The company had hoped that by acquiring Prime Trust, it would be able to streamline its services and offer a wider range of digital asset financial products to its clients. Unfortunately, the ongoing issues with Prime Trust's deposits proved to be too difficult to resolve, and BitGo ultimately decided to terminate the acquisition.

According to BitGo, the decision to terminate the acquisition was made in the best interests of its clients and shareholders. The company remains committed to providing its clients with the best possible digital asset financial services and will continue to explore ways to expand its offerings. BitGo's decision to terminate the acquisition of Prime Trust serves as a reminder of the challenges associated with the rapidly-evolving crypto custodian industry, and the importance of thorough due diligence before entering into any business deals in this space.