BitGO Seals Deal To Buy Crypto Custodian Prime Trust

It has been just revealed the fact that BitGO has reached an important deal to buy the crypto custodian Prime Trust. Check out the latest reports about the matter below.

According to the latest reports revealed by the online publication the Daily Hodl, BitGo Holdings said Thursday that it had signed a non-binding term sheet to acquire 100% of the equity of Prime Core Technologies, the parent company of crypto custodian Prime Trust.

“This is a landmark transaction, leading a greater shift in the digital asset landscape toward a more secure and sustainable future,” BitGo CEO and co-founder Mike Belshe said in a statement. The deal was first reported by CoinDesk.

It is also worth noting the fact that BitGo said the deal would bring business continuity and long-term stability to clients of Prime Trust. It’s also important that we note how Nevada Trust Company will join BitGo’s network of regulated trust companies in South Dakota, New York, Germany and Switzerland.

The Block stated the fact that Prime Trust started offering services to crypto companies in 2018.

“The firm has said it served nearly 700 fintech and crypto clients last year but lost several clients recently, including the Binance.US. exchange that was sued by the U.S. Securities and Exchange Commission earlier this week for allegedly violating the country’s securities laws, among other charges,” according to the online publication mentioned above.

In other recent news, according to the latest important reports, it seems that just a day after filing a 136-page complaint against Binance, the U.S. Securities and Exchange Commission (SEC) filed a motion for a temporary restraining order to freeze assets tied to the US arm of the world’s largest crypto exchange.

This week, on Monday, the SEC filed 13 charges against Binance and its CEO Changpeng Zhao over what the federal agency’s head, Gary Gensler, called “an extensive web of deception, conflicts of interest, lack of disclosure, and calculated evasion of the law.”