BitGo to Acquire Prime Trust: Expanding Crypto Services & Wealth Management Offerings

Wallet infrastructure provider BitGo has signed a non-binding letter of intent to acquire fintech infrastructure provider Prime Trust. The terms of the agreement have not been disclosed. If the deal is finalized, BitGo will gain access to Prime Trust's payment rails, cryptocurrency IRA fund, and Nevada Trust Company. Furthermore, Prime Trust's API infrastructure and exchange network will seamlessly integrate with BitGo's services. The acquisition aims to position BitGo as the first global digital asset company to offer a comprehensive suite of solutions for institutions and fintech platforms. This move comes amidst a rapidly evolving crypto custody market and proposed SEC rule changes. Prime Trust has faced challenges including layoffs and a banking crisis earlier this year.