BitGo Explores New Acquisitions Following Prime Trust Deal Cancellation


Following the cancellation of the Prime Trust transaction, BitGo CEO Mike Belshe said that numerous additional acquisitions are in the works.   

In an interview with CoinDesk TV, BitGO CEO indicated that the business has additional acquisitions in the works that it has yet to reveal. 

Belshe projected that consolidation will occur in the area during the following six months.

On June 22, the American-based crypto custodian platform called off the acquisition of Prime Trust amid reports of the company’s insolvency. 

As previously reported, BitGo’s purchase of Prime Trust was supposed to give financial assistance to Prime Trust in its current bankruptcy proceedings.

BitGo CEO Discusses Future Plans

Belshe also discussed BitGo’s future throughout the conversation. 

Mike Novogratz’s crypto merchant bank Galaxy Digital was on the verge of acquiring the California-based startup. The $1.2 billion agreement, however, was canceled in August 2021. 

The CEO said that they had received proposals on a regular basis since the Galaxy transaction. 

Belshe noted that the crypto custody firm is now more focused on building its business rather than being purchased by a large competitor. 

Speaking about Coinbase, which BlackRock (BLK) chose as the custodian for its fund-management subsidiary iShares’ planned Bitcoin ETF, Belshe said that the American exchange is a public firm with a very solid balance sheet, so they do attract some of the early adopters.  

BitGo CEO suggests potential separation of custody service from trading business. 

Belshe went on to say that Coinbase would ultimately have to decide if they want to be a custodian or an exchange. 

According to Belshe, BitGo is “talking to pretty much every big deal out there,” and BlackRock CEO Larry Fink has his phone number. 

>>>AI and Cryptocurrency Integration: Experts Weigh In on the Future

Trả lời

Email của bạn sẽ không được hiển thị công khai. Các trường bắt buộc được đánh dấu *

                   PROFILE LINK