BitGo Holdings, Inc. has revealed its plans to acquire Prime Core Technologies, Inc. which is the parent company of Prime Trust. The transaction is subject to regulatory approval and aims to provide Prime Trust clients with regulated, secure services while maintaining business continuity. Additionally, BitGo seeks to expand its presence while benefitting from Prime Trust’s fintech API infrastructure and exchange network. This move will reinforce BitGo’s existing services and regulatory reach.
On another note, the outcome of Ripple’s lawsuit by the Securities and Exchange Commission (SEC) is expected to impact the regulator’s case against Coinbase and Binance. Depending on whether the SEC’s claims that XRP trading on secondary markets is not securities are validated or not, it could either weaken or strengthen the regulator’s case against both Coinbase and Binance. Ripple lawyers are also seeking to learn more about how William Hinman, former director of the SEC’s corporation finance division, concluded that two crypto-assets were not securities, which could affect XRP’s classification.
Meanwhile, ApeCoin, a cryptocurrency created by Yuga Labs has had a 95% decline in its holders’ value, which has caused negative sentiments among the community and raised questions about its long-term sustainability. Its diminishing growth of network and trading velocity have contributed to the decline in interest from potential investors. However, despite these challenges, large investors known as whales remain engaged with ApeCoin, and the cryptocurrency has a MVRV (Market Value to Realized Value) ratio indicating that many investors are reluctant to sell their holdings at the current low price.
Overall, these developments in the crypto industry highlight the importance of regulatory compliance, sustainability, and investor sentiment. As the landscape evolves, players will have to continually adapt to changing circumstances to remain relevant.