June 22 (Cointime) - BitGo has announced that it will no longer be acquiring crypto custodian Prime Trust, just two weeks after the deal was announced.

The decision was made after significant effort to find a way forward, and BitGo remains committed to its mission of providing trust in digital assets.

Earlier this month, BitGo Holdings had signed a non-binding term sheet to acquire 100% of the equity of Prime Core Technologies, the parent company of Prime Trust, in order to provide business continuity and long-term stability to Prime Trust clients.