Prime Trust branch declared bankruptcy

Prime Trust is a custodian, it has its own daughter — the payment firm Banq. It was she who decided to declare bankruptcy under Chapter 11 of the American Code.

What difficulties have arisen

The company provided data that it has assets of about $17.7 million, while liabilities amount to almost $5.5 million.

According to the data published on the website, the company has made a proposal to adopt software solutions for its services. The company decided to declare its insolvency after the parent company entered into a preliminary agreement with BitGo. She's going to buy out 100% of the stake.

At the same time, the parent company had financial problems due to the insolvency of the Celsius Network. At the beginning of the year, the company had to lay off 1/3 of its staff.

As a result of the difficulties of the custodian, the TrueUSD-producing company had problems. at the end of last week, she made a statement that she was suspending the issue of the token with the help of Prime Trust. It will notify users about the renewal separately.

Yesterday we wrote that Haru Invest suspended the withdrawal of assets, as there were problems with the service partner. Now it has become known that it can be both a subsidiary company and Prime Trust itself.

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