Crypto custodian BitGo has raised $100 million at a valuation of $1.75 billion, Bloomberg reported on Wednesday.

The $100 million raise comes nearly two months after the custodian scrapped plans to buy rival Prime Trust. The troubled Prime Trust could reportedly cut up to 75% of its staff, due to immense financial and regulatory challenges.

BitGo did not immediately respond to CoinDesk’s request for comment.