menuIcon
$ 83,483.6
BTC
$ 83,483.6
0.72 %
$ 1,843.40
ETH
$ 1,843.40
-1.31 %
$ 0.6831
ADA
$ 0.6831
1.86 %
$ 607.77
BNB
$ 607.77
0.57 %
$ 126.01
SOL
$ 126.01
0.15 %
Gungun Bhatia
Dec 3, 2022
by Gungun Bhatia

Galaxy Digital to Purchase Custodian GK8 from Insolvent Celsius

Galaxy GK8

Table of contents

  1. Galaxy Digital Intends to Increase Scope
  2. GK8 Premier Offering
Galaxy Digital, a financial services provider with a cryptocurrency emphasis founded by Mike Novogratz, announced in a press release on Friday that it had secured the bid to acquire the self-custody platform GK8 from the defunct cryptocurrency lender Celsius Network.

Galaxy Digital Intends to Increase Scope

Although financial details of the transaction were kept under wraps, Galaxy spokesperson Michael Wursthorn claimed the amount was significantly less than what Celsius spent a year earlier. According to reports, Celsius paid $115 million to purchase GK8 in November 2021.

With the purchase, Galaxy hopes to increase the scope of its prime brokerage services. The workforce at Galaxy would grow to about 40 employees, including cryptographers and blockchain technologists. According to the company, the purchase, which is pending regulatory clearance, will increase Galaxy's worldwide reach by adding a new office in Tel Aviv, Israel.

GK8 Premier Offering

In the statement, Novogratz, the company's founder and CEO, said adding GK8 to the premier offering at this crucial time for the business also underlines the continuous commitment to take advantage of potential opportunities to build Galaxy sustainably.

Celsius filed for bankruptcy protection in July and offered some of its assets for sale in response to a decline in the cryptocurrency industry.

Follow us on: News
Cryptocurrency Celsius Network Galaxy Digital GK8
Galaxy Digital to Purchase Custodian GK8 from Insolvent Celsius
Gungun Bhatia
Gungun is an enthusiastic writer that likes to create content for various aspects of the blockchain and crypto industry. She carries out extensive research and provides readers with informative and high-quality material.

Top Picks