BitGo negotiating to buy Prime Trust parent

BitGo Holdings, Inc., a provider of solutions for the digital asset economy, has signed a non-binding term sheet to acquire 100pct of the equity of Prime Core Technologies, Inc., the parent company of Prime Trust, the struggling provider of financial infrastructure for fintech and digital asset innovators.

Under the proposed transaction:
Prime Trust’s Nevada Trust Company will join BitGo’s existing global network of regulated trust companies in South Dakota, New York, Germany, and Switzerland;
Prime Trust’s fintech API infrastructure and Prime Trust exchange network will reinforce BitGo Wallet Services (BWS) and BitGo’s Go Network — custody, liquidity, settlement, and compliance capabilities to map over 1:1; and
BitGo will gain Prime Trust’s network of banking partners and payment rails, crypto IRA, and additional wealth management offerings.

BitGo is backed by Goldman Sachs, Craft Ventures, Digital Currency Group, DRW, Galaxy Digital Ventures, Redpoint Ventures, and Valor Equity Partners.

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