The cryptocurrency firm, Galaxy Digital has reached an agreement with the self-custody platform, GK8, to take over its operations.
As reported by ‘Coindesk’, although GK8 solutions will continue to be available to the market, Galaxy will integrate the technology into its forthcoming prime brokerage platform, GalaxyOne.
Previously owned by now-bankrupt crypto firm Celsius, galaxy, is reported to have acquired GK8 for $44 million.
The purchase will help build out GalaxyOne, the previously launched platform that will offer a wide range of financial services for institutions, including trading, lending, derivatives, cross-portfolio margining, and several custodial options, including GK8.
According to Galaxy Digital founder and CEO Mike Novogratz, the acquisition was driven by the need to meet Investor demand for innovative and secure custody services and the acquisition of GK8 enhances our efforts to offer clients best-in-class cold storage solutions along with cutting-edge wallet technology,”
“In addition to continuing to offer highly valuable custody technology to clients, the GK8 team will play a pivotal role in our evolution to offer a full-service financial platform for digital assets.”