BitGo has announced that it has closed the acquisition process of crypto custodian Prime Trust.
Prime Trust, which was also in the mint process of Binance-supported True USD for a period, does not see the light of day. Prime Trust, which entered the process of purchasing by BitGo about two weeks ago, was shaken by a news announced today. BitGo stated that Prime Trust has withdrawn from the acquisition process.
BitGo Makes Clarification on Prime Trust
BitGo ended the purchase process of Prime Trust, which it started two weeks ago, with a remarkable statement today.
Making a statement on Twitter, BitGo stated that it was a difficult decision to end the Prime Trust process. The crypto foundation underlined that it is making a concerted effort to find a way forward with Prime Trust. Judging by this statement of BitGo, there are remarkable details at the end of the process. However, BitGo did not explain why it ended the acquisition process.
After considerable effort and work to find a path forward with Prime Trust, BitGo has made the hard decision to terminate its acquisition of Prime Trust. This decision was not made lightly and BitGo remains committed to our mission to deliver trust in digital assets.
— BitGo (@BitGo) June 22, 2023
Previously, True USD (TUSD), which Binance prefers and promotes instead of BUSD, announced that its joint work with Prime Trust has been terminated. TUSD has canceled issuance processes with Prime Trust and has taken a different path.
In addition, BitGo signed a memorandum of understanding at the beginning of June to purchase 100 percent of Prime Trust equity.
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