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Fortune

Leo Schwartz

It's 'going to be a struggle' for customers of Binance-linked Prime Trust after BitGo terminates acquisition plan

Prime Trust BitGo Binance Fortune

Mike Belshe, chief executive officer of BitGo. (Credit: Matthew Busch—Getty Images)

The crypto custodian BitGo announced on Thursday it was terminating a planned acquisition of Prime Trust, a rival firm based in Nevada. Custodians safeguard digital assets on behalf of individuals and companies.

In an interview with Fortune, BitGo CEO Mike Belshe said that after signing a letter of intent with Prime Trust two weeks ago and conducting a due diligence process, it became clear that Prime Trust did not have the necessary financials to complete the deal.

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