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In a Friday announcement, financial services and investment management company Galaxy Digital revealed plans to purchase asset custody solution GK8. The firm, led by Mike Novogratz, won a bid allowing it to acquire GK8 from Celsius network under the lender’s bankruptcy proceedings.
Galaxy to Implement GK8’s Custody Technologies
GK8 is a blockchain-focused cybersecurity provider for financial institutions to store their digital assets. The platform also allows users to perform transactions without an internet connection. In their release, Galaxy digital noted that it was set to bolster GK8’s custody solutions.
Notably, the publication explained that Novogratz’s company will keep operations running in the self-custody company. GK8 will continue to provide its services to the “world’s leading financial services firms.” However, Galaxy will incorporate the custody platform’s technology in the creation of its forthcoming GalaxyOne rollout.
Galaxy digital describes GalaxyOne as its new prime offering for institutional clients. The release will fuse the company’s risk-management techniques with trading, lending, cross-portfolio margining, and derivatives. GalaxyOne will also feature a wide selection of custodial options which is where GK8 comes into play.
New Tel Aviv Office- If the Deal Receives Court Approval
According to the release, banks, and retail platforms, among various others, will continue to get aid from GK8 as they work to protect their customers’ digital assets. The acquisition will see the Galaxy team grow with 40 new additions among which are blockchain engineers and cryptographers. Beneath the deal Galaxy digital will also increase its market presence as it plans to set up a branch in Tel Aviv, Israel.
The release pointed out that the purchase is not set in stone as court approvals and other factors may cause later changes. Founder and CEO Novogratz commented on the deal, commending Galaxy on its proactive approach to expansion.
The acquisition of GK8 is a crucial cornerstone in our effort to create a truly full-service financial platform for digital assets. It ensures our clients will have the option to store their digital assets at or separate from Galaxy without compromising versatility and functionality.”
Galaxy will retain GK8 co-creators CEO Lior Lamesh and CTO Shahar Shamai. The pair will occupy the helm of Galaxy’s new custodial solutions offering. Lamesh expressed the duo’s pleasure at becoming part of the financial services company.
With the backing of Galaxy,” Lamesh noted, “we aim to introduce new and exciting offerings to the industry that showcase a combination of Galaxy’s best-in-class services and GK8’s cryptography, security, and unparalleled R&D skills.”