2 years ago
Cryptocurrency custodian BitGo has terminated its acquisition of rival custody specializer Prime Trust.
BitGo made the determination aft "considerable effort and enactment to find a way guardant with Prime Trust," the steadfast tweeted connected Thursday.
"This determination was not made lightly and BitGo remains committed to our ngo to present spot successful integer assets," BitGo added.
Prime Trust has been losing clients and deposits to competitors for weeks amid mounting concerns implicit its business, a root astatine 1 of the erstwhile lawsuit told CoinDesk.
BitGo reached a preliminary statement to acquire Prime Trust earlier this month pursuing speculation that the Nevada-regulated custodian was facing bankruptcy.
The firms did not instantly respond to CoinDesk's petition for further comment.
UPDATE (June 22, 14:10 UTC): Adds further paragraph astir Prime Trust losing clients and depositors and adds 2nd byline.
Edited by Parikshit Mishra.
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