Galaxy Digital announced that it has acquired crypto custody platform GK8 for $44 million.
Galaxy Digital made this acquisition to take advantage of the GK8’s proprietary asset storage and management capabilities. GK8 describes itself as an “all-in-one” custody platform for banks. However, it supports hundreds of tokens in addition to staking and decentralized finance protocols.
GK8’s Features Will Be Integrated into GalaxyOne
Mike Novogratz’s investment firm Galaxy Digital has completed the acquisition of GK8, which features its own patented crypto asset custody technology aimed at providing secure asset management for corporate users.
GK8 is a platform specializing in cold cash technology that allows transactions to be carried out without an internet connection. An on-premises multi-party computing (MPC) vault provides the ability to automate processes. It also provides access to decentralized finance (DeFi) networks, tokenization and NFT trading.
In a statement, Novogratz highlighted the growing investor demand for custody services as the main reason behind the acquisition. GK8’s cold storage solutions and wallet technology will be incorporated into Galaxy Digital’s primary brokerage platform, GalaxyOne, which is expected to launch.
GalaxyOne will offer a wide range of crypto asset services to institutional-level users at launch. These services will include trading, lending, derivatives, cross-portfolio margining and GK8-managed custody offerings.
Helios, one of Argo Blockchain’s main mining facilities, was acquired by Galaxy Digital in December 2022.
