Novogratz’s Galaxy Digital To Buy Assets From Bankrupt Celsius – Crypto News – Crypto News
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Novogratz’s Galaxy Digital To Buy Assets From Bankrupt Celsius – Crypto News

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Galaxy Digital (GLXY), owned by Mike Novogratz, has won the auction to acquire the self-custody platform GK8 from the defunct cryptocurrency lender Celsius Network, the company announced on Friday. Although, the agreement’s terms were not made public.

However, as per reportsGalaxy co-president Chris Ferraro said that the company paid for the assets a significant amount less than the $115 million Celsius paid for them last year.

The transaction, which is contingent on court clearances and other closing requirements, will be a result of the sale procedure conducted in accordance with Celsius Network LLC’s Chapter 11 Bankruptcy.

Read More: Mike Novogratz’s Galaxy Digital Exposed To FTX; How Bad Is It?

Mike NovogratzFounder and CEO of Galaxy, states that,

“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 separately from Galaxy without compromising versatility and functionality”

Galaxy Digital’s Core Vision

The acquisition would help galaxy increase the scope of its prime brokerage services.

“Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner.”, Mike said.

A team of about 40 professionals, including cryptographers and blockchain technologists, would be joining Galaxy.

Galaxy Digital’s Price Reaction

The price of Galaxy Digital’s share “GLXY” responded positively to the news of the acquisition deal. It’s already up by 1.5% and currently trades at $4.22 at the time of writing.

Pratik has been a crypto evangelist since 2016 & been through almost all that crypto has to offer. Be it the ICO boom, bear markets of 2018, Bitcoin halving to till now – he has seen it all.

The content presented may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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