BitGo, a cryptocurrency custody firm, has reportedly reached a preliminary agreement to acquire Prime Trust, another crypto custody specialist regulated in the state of Nevada. According to two people familiar with the matter, the deal is still subject to regulatory approval.
No other company will have the breadth of product and services nor depth of experience that this combined company would have, said Prime Trust Interim CEO Jor Law. We are excited to offer our world-class infrastructure within a broader ecosystem and revolutionize the future of crypto.
BitGo CEO Mike Belshe also commented on the move, saying it would position the firm to enhance its best-in-class, trusted solutions and to service the combined customer base.
The need for safekeeping and storage of cryptocurrencies has driven digital asset custody to prominence, with many firms commanding high valuations. Las Vegas-based Prime Trust raised $107 million in funding in 2022, before the crypto bear market began to bite. However, the firm has recently faced some difficulties, including layoffs and the ceasing of operations in Texas.