Among other things, GK8 will help strengthen GalaxyOne, the giant’s trading platform.
cryptocurrency financial services firm, Galaxy Digital Holdings Limited (TSE: GLXY) has been selected as the winning bidder for GK8, the custody institution owned by Celsius Network. as announced By the company, the acquisition is a part of the disinvestment agenda of the bankrupt crypto lender and is subject to regulatory approval.
GK8 offers a secure institutional digital asset self-custody platform that enables users to transact offline, a provision that guarantees protection for its users from cyber attacks. If the acquisition is approved, GK8 will contribute to the expansion of the Galaxy Digital brand and form the custody services organization that stands out as the missing part in its bid to offer a full suite of crypto service offerings.
“The acquisition of GK8 is an important cornerstone in our endeavor to build a truly full-service financial platform for digital assets, ensuring our customers have the flexibility to move or move their digital assets to and from Galaxy without compromising on versatility and functionality. There will be an option to store,” said Mike Novogratz, Galaxy’s founder and CEO. “The addition of the GK8 to our flagship offering at this important moment for our industry also highlights our continued desire to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.”
Galaxy Digital has been on the lookout for an institutional-grade crypto custodial service provider for a long time and entered into an agreement to acquire BitGo back in 2021. The deal fell apart when it called off the deal over allegations that BitGo refused to hand over its fully audited financials. statement by July 31 this year, thus breaching the contract.
contract has expired prosecuted From BitGo, however, the lawsuit is not affecting its alleged hunt to buy a newly qualified firm like GK8.
GK8 will complement Galaxy Digital
Celsius Network acquired GK8 last year for $115 million and although the financial details of the Galaxy Digital acquisition have not been disclosed, the Tel Aviv-based startup is billed to play a very important role within the Galaxy Digital brand has gone.
If the deal is approved, Galaxy Digital will inherit GK8’s organization in Israel as well as a team of approximately 40 people, including cryptographers and blockchain engineers. GK8’s Founding CEO Lior Lamesh and CTO Shahar Shamai will remain with the firm and lead the new custody business that will be separate from this acquisition.
“We have worked hard to be the most secure platform for financial institutions participating in the digital asset ecosystem,” Lamesh said. “We are excited by the prospect of joining one of the leading providers of financial and digital asset services to institutions that truly understand the impact of GK8’s custody technology on the future of blockchain. With Galaxy’s support, we aim to bring to present an exciting new offering that showcases a combination of Galaxy’s best-in-class services and GK8’s cryptography, security and unique R&D prowess.
Among other things, GK8 will help strengthen GalaxyOne, the giant’s trading platform.
Benjamin Godfrey is a blockchain enthusiast and journalist who loves to write about real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desire to educate people about cryptocurrencies drives his contributions to well-known blockchain-based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
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