A strategic move in an evolving crypto landscape – Crypto News – Crypto News
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Galaxy Digital's acquisition of CryptoManufaktur: A strategic move in an evolving crypto landscape Galaxy Digital's acquisition of CryptoManufaktur: A strategic move in an evolving crypto landscape

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A strategic move in an evolving crypto landscape – Crypto News

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12 months ago

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Crypto investment firm Galaxy Digital Holdings has acquired CryptoManufaktur LLC (CMF), a blockchain node operator.

Galaxy is getting its hands on about $1 billion in Ethereum assets under stake, bumping its total to a whopping $3.3 billion. But in the volatile world of crypto, where fortunes evaporate faster than spilled coffee, today’s billion-dollar asset could be tomorrow’s digital dust.

As part of the deal, CryptoManufaktur’s three-person engineering team, including founder Thorsten Behrens, is joining Galaxy’s blockchain infrastructure team. Together they aim to develop the company’s staking and blockchain validator services for qualified investors, protocols and digital asset platforms.

Behrens said: “We believe that Galaxy is uniquely positioned to serve as the go-to blockchain infrastructure provider and a leading validator across high-performing blockchains. We look forward to joining the team and scaling our combined operations.”

Zane Glauber, head of blockchain infrastructure at Galaxy, added: “Galaxy is rapidly expanding its blockchain infrastructure and staking capabilities and capacity to provide enterprise-grade technical expertise and support to strategic corners of the digital-asset ecosystem.

“Our acquisition of CryptoManufaktur is an important milestone that significantly enhances our position as a leading technical partner to protocols and builders.”

“We believe that Galaxy is uniquely positioned to serve as the go-to blockchain infrastructure provider and a leading validator across high-performing blockchains,” Behrens said. “We look forward to joining the team and scaling our combined operations.”

The acquisition is being touting it as a game-changer, but perhaps it is too soon to pop the champagne. The deal raises questions about the broader state of the crypto market. It could be a sign of consolidation in a maturing industry, or a desperate land grab in a shrinking market.

(Photo by Traxer)

See also: From recovery to dominance: Cryptocurrency’s path forward in 2024

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Tags: blockchain, cryptocurrency, Ethereum

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