On June 22, 2023, BitGo, a wallet infrastructure provider and digital asset holder, posted on Twitter that it will cancel its acquisition with Prime Trust, a fintech infrastructure provider, stated Cointelegraph. It is believed that BitGo, mentioned that “This decision was not made lightly.”
“After considerable effort and work to find a path forward with Prime Trust, BitGo has made the hard decision to terminate its acquisition of Prime Trust. This decision was not made lightly and BitGo remains committed to our mission to deliver trust in digital assets,” Bitgo told Cointelegraph.
Sources revealed that BitGo cancelled its deal after it shared its non-binding letter of intent to acquire Prime Trust. Supposedly, the deal between BitGo and Prime Trust enabled BitGo to access Prime Trust’s payment rails and cryptocurrency IRA fund along with the opportunity to expand its wealth management services, Cointelegraph added.
Reportedly, many rumours mentioned that the acquisition was cancelled due to a cease and desist order that Prime Trust allegedly received from Nevada state regulators. Furthermore, the rumours were not verified, Cointelegraph concluded.
(With insights from Cointelegraph)