BitGo, a wallet infrastructure provider and digital asset custodian, has called off its plans to acquire Prime Trust, a fintech provider, two weeks after it disclosed its intent to purchase in a non-binding letter. It announced the decision on Twitter on June 22.
In a statement, BitGo said: “After considerable effort to find a path forward with Prime Trust, BitGo has made the hard decision to terminate its acquisition of Prime Trust. This decision was not made lightly and BitGo remains committed to our mission to deliver trust in digital assets.”
The decision comes two weeks after releasing its non-binding letter of intent to purchase Prime Trust. The Prime Trust acquisition was expected to give BitGo access to Prime Trust's payment rails and cryptocurrency IRA fund and the chance to expand its wealth management services.
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Additionally, BitGo’s network of licensed trust businesses in other countries would have grown significantly if Prime Trust’s Nevada Trust Company had been included.
US Lawmaker Seeks Info On Sam Bankman-Fried’s Arrest
The chairman of the US House Oversight and Investigations Subcommittee, Michigan Republican lawmaker Bill Huizenga, has criticised the Securities and Exchange Commission (SEC) for failing to provide the necessary paperwork regarding the timing of the charges and arrest of former FTX CEO Sam Bankman-Fried.
Huizenga said that the commission’s response to the congressional committee was insufficient when SEC commented that it made public all documents related to Sam Bankman-Fried’s arrest in a hearing on June 22. The legislator also blasted the SEC for missing the February 24 deadline to deliver papers, which he said posed “serious questions about the SEC's process and cooperation with the Department of Justice” concerning Bankman-Fried’s accusations and arrest.
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In Huizenga's opinion, the SEC's records merely consisted of public briefings on “how the SEC and the Justice Department worked together” in the case. SEC’s chief counsel, Megan Barbero, disagreed, arguing that some records were easier to release to the committee because they “do not require a commission vote” while others involved a “significant process and undertaking.”
Faroe Islands Postal Service Issues NFT-Embedded Stamps
The postal service of the autonomous territory of the Faroe Islands has become the latest national postal service to issue a collection of NFT collector stamps.
Faroe Islands launched a new line of digital ‘crypto stamps’, featuring a digital replica of a postal stamp still being used, stored in a blockchain as a nonfungible token (NFT).
The autonomous territory of the Faroe Islands released its first set of crypto stamps called “Stamps of Maybe” in partnership with VariusSystems, the Posta Faroe Islands said on its website on June 23.
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