BitGo, a leading crypto custodian firm, has announced its intent to acquire Prime Trust, a Nevada-based trust company. The acquisition will help BitGo in expanding its services and offerings to its clients.
The deal is currently subject to regulatory approvals and other customary closing conditions. The financial details of the agreement have not been disclosed yet.
BitGo CEO, Mike Belshe, said that the acquisition of Prime Trust will help BitGo to offer a full suite of services to its clients. He added that the acquisition will help BitGo in becoming a one-stop-shop for digital asset investors.
Prime Trust is a regulated trust company that offers custodial and escrow services for digital assets. The company also provides compliance and anti-money laundering (AML) solutions to its clients.
BitGo, on the other hand, is a leading crypto custodian firm that offers secure storage solutions for digital assets. The company also offers a range of other services, including trading, lending, and portfolio management.
The acquisition of Prime Trust will allow BitGo to expand its offerings to include Prime Trust’s compliance and AML solutions. This will enable BitGo to provide a more comprehensive suite of services to its clients.
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Benefits of the Acquisition
The acquisition of Prime Trust will bring several benefits to BitGo and its clients. Some of these benefits include:
– Expanded offerings: BitGo will be able to offer a more comprehensive suite of services to its clients, including compliance and AML solutions.
– Regulatory compliance: Prime Trust’s regulatory expertise will help BitGo in complying with various regulations and guidelines.
– Trust license: Prime Trust’s trust license will allow BitGo to offer its clients a broader range of services.
– Increased security: BitGo’s clients will benefit from Prime Trust’s security solutions, which include multi-signature wallets and cold storage.
Conclusion
The acquisition of Prime Trust by BitGo is a strategic move that will help BitGo in expanding its services and offerings to its clients. The acquisition will allow BitGo to offer a more comprehensive suite of services, including compliance and AML solutions. With this acquisition, BitGo is well-positioned to become a one-stop-shop for digital asset investors.
