Wallet infrastructure provider BitGo is seeking to acquire Prime Trust, per a non-binding letter of intent.
Wallet infrastructure provider and digital asset custodian BitGo have signed a non-binding letter of intent to acquire fintech infrastructure provider Prime Trust, according to anThe terms of the agreement were not disclosed. If the deal goes through, BitGo will acquire Prime Trust’s payment rails and cryptocurrency IRA fund and increase its wealth management offerings.
Prime Trust’s Nevada Trust Company will also join BitGo’s network of regulated trust companies in South Dakota, New York, Germany, and Switzerland. Prime Trust’s API infrastructure and exchange network will “map over 1:1” with BitGo services. According to the BitGo statement: “This acquisition makes BitGo the first global digital asset company to provide a full suite of solutions for institutions and fintech platforms.”
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