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BitGo Raises $100M After Scrapping Prime Trust Deal

Crypto custodian BitGo has raised $100 million at a valuation of $1.75 billion, Bloomberg reported on Wednesday. The $100 million raise comes nearly two months after the custodian scrapped plans to buy rival Prime Trust. The troubled Prime Trust could reportedly cut up to 75% of its staff, due to immense financial and regulatory challenges. The raises come nearly two months after BitGo ended its plan to buy beleaguered rival Prime Trust.BitGo provides the most secure and scalable solutions for the digital asset economy. In 2020, BitGo launched BitGo Prime, which allows its clients to trade, borrow, and lend. Moreover, BitGo also provides access to DeFi, staking, NFT wallets, and beyond.

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