Bitgo, a cryptocurrency storage company, has announced that it will acquire 100% equity in Prime Core Technologies, the parent company of Prime Trust. According to the company, the move will allow Bitgo to offer a “full suite of solutions” to institutional customers and fintech companies.
BitGo will add Prime Trust’s Nevada Trust Company to its network of trust companies, and Prime Trust’s API and exchange network will support BitGo’s services. The deal gives BitGo access to Prime Trust’s banking partner and payment system, as well as crypto retirement funds (IRAs) and other services.
Prime Trust’s weak reputation may make it difficult for BitGo to achieve its intended performance. In 2022, Celsius, a crypto lending company, sued Prime Trust for failing to repay a $17 million loan. Following this incident, Prime Trust halted operations in Texas in January 2023 and announced a one-third layoff in the same month.
According to an anonymous source in the crypto industry, Prime Trust is facing bankruptcy.