The digital asset trust and security company, BitGo Holdings Inc., has recently announced plans to acquire Prime Core Technologies, Inc., the parent company of Prime Trust, in a landmark move that will significantly benefit Prime Trust clients. Upon completion of this acquisition, clients will experience business continuity, long-term stability along with regulated, secure solutions.
BitGo’s ambitious move is part of the company’s strategy to expand its digital asset and fintech infrastructure services on a global scale. The acquisition of Prime Trust, one of the world’s best financial infrastructure providers for fintech and digital asset innovators, is a prime example of the company’s determination.
However, it should be noted that the agreement remains non-binding at this stage. This could be attributed to either BitGo having additional due diligence to perform or Prime Trust needing to fulfill certain conditions before solidifying the deal. A similar scenario was witnessed when the now-Twitter CEO Elon Musk unveiled plans to purchase the social media giant.
Regardless of this uncertainty, the acquisition would make BitGo a trailblazer in the industry, as it would become the first international digital asset firm to offer a comprehensive array of solutions for fintech platforms. Jor Law, who was appointed as interim CEO and President of Prime Trust on November 30, 2022, expressed excitement about the potential acquisition, stating that no other company would possess the breadth of product and services or depth of experience of the combined entity.
Mike Belshe, BitGo CEO and Co-founder, has also chimed in on the proposed acquisition by terming it as a “landmark transaction.” He believes that the deal will pave the way for a transformative shift in the digital asset space, making it more secure and sustainable. With the anticipated acquisition of Prime Trust, BitGo will be well-positioned to enhance its best-in-class, trusted solutions and service the combined customer base.
It is worth highlighting that BitGo Holdings Inc. has an impressive balance sheet while maintaining a strong reputation for credibility and adherence to top-tier operational standards. Regardless of the current market gloom, these factors will undoubtedly facilitate its upcoming venture. As a result, Prime Trust’s clients are expected to experience a significant paradigm shift in the near future.
Source: Cryptonews
