Galaxy Digital wins bid for GK8 in Celsius bankruptcy asset auction News ▸ Celsius ▸ Bankruptcy
Galaxy Digital wins bid for GK8 in Celsius bankruptcy asset auction
Galaxy Digital acquires custody solution firm GK8 to sure up its product line up.
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Updated: Sep. 5, 2023 at 2:19 am UTC
RISE / CC BY 2.0 / Wikimedia. Remixed by CryptoSlate
Galaxy Digital announced it had successfully acquired self-custody platform GK8 for an undisclosed sum.
The sale was in connection with Celsius’s Chapter 11 bankruptcy proceedings and has yet to be approved by the court.
Galaxy Digital CEO Mike Novogratz said acquiring GK8 will help Galaxy offer its clients a whole stack of cryptocurrency services, particularly regarding storage solutions. He added that the deal was a strategic opportunity to grow his company.
“The acquisition of GK8 is a crucial cornerstone in our effort to create a truly full-service financial platform for digital assets, ensuring our clients will have the option to store their digital assets at or separate from Galaxy without compromising versatility and functionality.”
Tel Aviv-based GK8 was acquired for $115 million by Celsius in November 2021. Before the buyout, GK8 was already an established player in custody services, counting banks and financial services providers among its client list.
GK8 cofounder Lior Lamesh said with Galaxy Digital’s backing, the firm intends to ” introduce new and exciting” products that showcase GK8’s expertise in cryptography and security.
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Samuel Wan
Samuel Wan, a finance professional turned full-time crypto content creator, values individual autonomy and personal freedom in his pursuits.
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Galaxy Digital
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Celsius Network is a bankrupt cryptocurrency lending company that was founded in 2017 and headquartered in Hoboken, New Jersey.
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