Crypto-focused FinTech company Galaxy Digitalpurchased a custody platform from Celsius, which has filed for bankruptcy.
Celsius has put some of its assets up for sale after filing for bankruptcy in July following the downturn in the crypto market. Recently, it has come to the fore that Galaxy Digital will buy these assets. Not long after, the FinTech company won an auction for the acquisition of its custody platform.
Galaxy Digital Acquires Storage Platform From Celsius
Galaxy Digital said in a statement that it has won an auction to acquire custody platform GK8 from bankruptcy filing Celsius Network.
Terms of the deal were not disclosed, but a Galaxy spokesperson Michael Wursthorn That said, the price is significantly less than Celsius paid a year ago. As reported, Celsius purchased the GK8 for $115 million in November 2021.
Galaxy’s goal of acquiring the custody platform is to expand its brokerage services. Around 40 people will join Galaxy’s team, including blockchain engineers and cryptographers.
Founder and CEO of Galaxy Mike NovogratzIn his statement, he stated:
“Adding the GK8 to our core offering at this important moment for our industry also highlights our willingness to continue to leverage strategic opportunities to grow Galaxy sustainably,” he said.
