Galaxy Digital wins Celsius GK8 platform at auction

Galaxy Digital will acquire GK8a startup specialized in the cryptocurrency purchased in 2021 by bankrupt lender. Celsius.

Digital Galaxythe company of billionaire Mike Novogratz, has won the auction launched by Celsius and to acquire the Israeli surveillance platform GK8.

The cryptocurrency lender, which filed for bankruptcy earlier this year, was buying GK8 in November 2021 for $115 million.

Digital Galaxy will acquire the platform at a price much lower than the price paid by Celsius at the time.according to Chris Ferraro, co-president of Galaxy Digital.

The acquisition of GK8 is a cornerstone in our efforts to create a true full-service financial platform for digital assets […] The addition of GK8 to our core offering at this pivotal time for our industry also underscores our continued focus on leveraging strategic opportunities to grow Galaxy in a sustainable manner,” said Mike Novogratz, in a release.

Founded in Israel, GK8 has developed a sophisticated custody solution for cryptocurrencies such as Bitcoin for banks, fintechs and asset managers. The start-up exploits MPC (secure multi-party computing) technology with a cold (offline) wallet coupled to a multi-signature system.

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