BitGo Cancels Acquisition
BitGo's preliminary decision to acquire Prime Trust has been canceled, leaving uncertainty in regards to the future of the firm and the impact on clients they served.
📝 Today's Featured Articles
  • ⛔️ BitGo And Prime Trust: What happens next?
  • 👁️ Apocalypse FedNow: Recent words from Jerome Powell offer a glimpse into the future.
⛔️ BitGo And Prime Trust

Uncertainty Returns After BitGo Cancels Prime Trust Acquisition
By BtcCasey          

BitGo's planned acquisition of prominent custody firm Prime Trust has been canceled, surprising industry observers.

The initial announcement generated excitement, as the consolidation of these major custodians was expected to have a significant impact on the industry. BitGo emphasized its commitment to providing secure services to Prime Trust clients, but after extensive discussions, made the "hard decision" to terminate the acquisition without specifying reasons.

The termination raises questions about Prime Trust's future trajectory and rumors regarding its liquidity prior to the acquisition. Bitcoin-only exchanges Strike and Swan had recently departed from Prime Trust's custody services, opting for alternative solutions.

The cancellation announcement did not address the financial health of Prime Trust, leaving the industry awaiting further details and clarifications from both BitGo and Prime Trust. The development highlights the fluid nature of the custody landscape and the strategic decisions being made by key players in the industry.
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👁️ Apocalypse FedNow

Apocalypse FedNow
By Mark Goodwin

Fed Chair Jerome Powell's recent congressional appearance has significant implications for stablecoins, the digital dollar, central bank digital currencies (CBDCs), and bitcoin.

Powell's statement that it would be a mistake to leave the Fed with a weak role of stablecoins highlights the importance of stablecoins in the U.S. dollar system. The upcoming launch of FedNow, an inter-bank communication platform, provides the Fed with greater control over overnight banking rates and facilitates the reshoring of dollar-denominated activity.

Powell expressed support for stablecoins, considering them a form of money, but emphasized that a central bank digital currency for individuals would be intermediated by banks. The mention of Basel III capital requirements signals a potential net-demand for dollars in the banking system, even as institutions integrate digital assets like bitcoin.

Additionally, BlackRock's filing for a bitcoin exchange-traded fund (ETF) indicates increased institutional adoption. The convergence of regulatory actions by influential bodies like the Fed and the SEC suggests a shifting landscape for stablecoins, the digital dollar and bitcoin.
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