BitGo Cancels accession of Fintech Infrastructure Provider Prime Trust

BitGo, a wallet infrastructure provider and digital asset custodian, has decided to cancel its acquisition of fintech infrastructure provider Prime Trust, just two weeks after publicly expressing its intent. While specific reasons for the cancellation were not disclosed, rumors circulated about a potential cease and desist order issued by Nevada regulators. Moreover, Prime Trust's payments subsidiary, Banq, recently filed for bankruptcy protection, which might have influenced BitGo's decision. Prime Trust has encountered several challenges, including staff layoffs and involvement in a scandal related to a $500,000 contribution to the state Democratic Party. BitGo remains committed to its mission of delivering trust in digital assets despite this setback.