Digital Asset Company BitGo Cancels Prime Trust Acquisition

Digital assets BitGo guardian, will not go forward with planned acquisition of Rival crypto custody platform Prime Trust.

BitGo announced ending of the purchase of Head of confidence via Twitter on June 22nd. Although the company did not mention a reason for the breakdown of the acquisition deal, BitGo reported that the decision “has not been made minor and BitGo remains committed to our mission to offer confidence in digital assets.”

The termination comes just two weeks after the inception of BitGo announced that it will be purchasing the company. On June 8, BitGo said it had signed a non-binding agreement term paper for the purchase of everyone of Stock of Prime Minister Confidence parent Prime Core Technologies, after speculation that Prime Trust had financial problems.

As previously reported by News AgenciesBanq, a subsidiary of Prime Trust deposited for chapter 11 bankruptcy, with obligations of over $5 million and assets worth more than $17.7 million.

Soon after BitGo’s announcement, TrueUSD said Prime Trust has suspended all fiat and cryptocurrency deposits, adding that TUSD was unaffected by the recent decision. TrueUSD previously stopped monetization of in TUSD stablecoin on Prime Trust until further notice.