Tuesday, February 7, 2023
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Galaxy Digital Plans To Expand Its Brokerage Services

Galaxy Digital, a financial services company with a focus on cryptocurrencies and owned by Mike Novogratz, announced in a press release on Friday that it had won an auction to purchase the self-custody platform GK8 from the failing cryptocurrency lender Celsius Network.

After declaring bankruptcy in July due to the bear market in the cryptocurrency industry, Celsius had already placed some of its assets up for sale before taking that step.

The details of the deal were not made public, but a representative for Galaxy, Michael Wursthorn, said that the sum was much lower than what Celsius had paid for the property a year earlier. According to the reports, Celsius paid $115 million to purchase GK8 in the month of November 2021.

Through the purchase, Galaxy hopes to broaden the scope of the prime brokerage services it provides. A group of around forty individuals, including cryptographers and blockchain developers, will be joining Galaxy’s team.

A significant effect of the acquisition, which is contingent on the approval of regulatory authorities, will be for Galaxy to expand its worldwide presence by opening a new office in Tel Aviv, Israel. “Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner,” said Novogratz, founder and CEO of Galaxy, in the release. “Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.”

Earlier, in August, Galaxy decided against going through with its intention to purchase the cryptocurrency custody expert BitGo for $1.2 billion. Galaxy said at the time that BitGo had failed to deliver financial statements by the 31st of July, as the timeframe required. BitGo filed a lawsuit against Galaxy in September, claiming damages as a result of the deal’s termination.

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Jeewan Singh is CryptoShrypto’s content writer and a seasoned writer with over two years of experience in writing about Indian Securities Market. Jeewan's participation in Blockchain and Cryptocurrency started in late 2020, and he hasn't looked back since. The technical and economic outcomes of cryptocurrency are what spark his curiosity, and he keeps one eye on the market.
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