BitGo Secures $100M in Funding Following Cancellation of Prime Trust Agreement: Bloomberg
BitGo, a Crypto Custody Firm, Enters Preliminary Agreement to Acquire Prime Trust: Sources
Bloomberg reported on Wednesday that BitGo, a crypto custodian, has successfully secured $100 million in funding, propelling its valuation to $1.75 billion.
The fundraising of $100 million follows the custodian's decision to abandon its acquisition of competitor Prime Trust, which occurred around two months ago. Prime Trust, facing substantial financial and regulatory difficulties, is rumored to be considering a workforce reduction of up to 75%.
BitGo did not provide an immediate response when contacted by CoinCryptoUs for a comment.
