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Prime Trust, Strike API, & Bitcoin Satellites - Week 41

Prime Trust, Strike API, & Bitcoin Satellites - Week 41

June 14, 2023

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News

Prime Trust Rumored For Purchase

Rumors have surfaced of Prime Trust's exposure to Binance due to and ongoing investigation by the SEC.

Last week the SEC sued Binance and Coinbase for operating as unregistered sellers of securities. Since then, Binance announced they would cut off liquidity, and the Binance token Binance Coin (BNB) has been crashing.

According to CoinDesk, cryptocurrency custody firm BitGo has reached a preliminary agreement to acquire Prime Trust, a key provider of infrastructure services in the digital asset industry.

Once finalized, the acquisition deal will enable BitGo to expand its product offerings and enhance its custody and settlement solutions capabilities. The strategic move aims to strengthen BitGo's position as a leading player in the cryptocurrency custodial services market, catering to the growing demands of institutional investors and ensuring secure storage and management of digital assets.

Strike API and Infrastructure Announcement

Jack Mallers, CEO of Strike, shared on Medium that the company has transitioned to serving customers on its own infrastructure.

Strike, a payments app built on the Bitcoin Lightning Network, had previously relied on third-party services (Prime Trust) to facilitate its operations.

This move to independent infrastructure gives Strike greater control over its technology stack. It provides a more seamless and reliable experience for other platforms to utilize the power of the lightning network and international settlement on Bitcoin.

Unregistered Securities Removed from Robinhood

Robinhood, the popular trading platform, has decided to de-list Cardano (ADA), Polygon (MATIC), and Solana (SOL) cryptocurrencies.

Robinhood users can no longer trade these digital assets on the platform. The reasons for the de-listing were not disclosed, but it could be assumed that they were in reaction to the recent SEC actions.

North Korea Atomic Wallet Hack

Decrypt has reported that North Korea's notorious hacking collective Lazarus Group has resurfaced with a new cyberattack targeting the cryptocurrency wallet Atomic Wallet.

The group is believed to have executed a sophisticated cryptocurrency heist, amassing a staggering $100 million in crypto.

Price

Bitcoin has sold off this past week. This could be due to Binance looking to cover much of its exchange issues and keeping the BNB token price propped up, protecting its technical support levels.