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- In line with the press release issued by Galaxy Digital, the purchase was a matter of regulatory and court approvals as well as different closing conditions.
- Moreover, it is anticipated that the investment company will elaborate its global reach.
The Purchase of GK8
Galaxy Digital, a crypto investment company made a successful offer to obtain GK8 from the collapsed crypto lender. The news has given relief to the Celsius creditors. This adds all assets, liabilities, and contracts of GK8, the world’s most secure institutional digital asset custody solution.
The news was verified by the official Twitter account of the Celsius Network. There were many days of unpredictability concerning the chance of the company along with its assets. This was due to the collapsed bankrupt crypto lender being on the observation post for a potential purchaser.
Celsius also acknowledged that profits of the sale will go to the firm’s estate for the profit of all stakeholders. While the conditions of the agreement were not revealed originally, the Celsius official committee of unsecured creditors disclosed earlier that GK8 pushed it at a value near to $44 million.
Although this value stood pretty low what Celsius paid for GK8 in the November of the last year, they paid a handsome amount of $115 million to obtain the Israel-based cybersecurity company.
Galaxy Digital came into the news in the beginning of 2022 after it rejected a $1.4 billion deal to obtain BitGo, a digital asset trust company, and a security company, headquartered in Palo Alto. The outgrowth led to BitGo filing a $100 million case against Galaxy to look for destructions.
In line with the press release issued by Galaxy Digital, the purchase was a matter of regulatory and court approvals as well as different closing conditions. The investment company will rise its headcount by 40. Moreover, it is anticipated to elaborate its global reach by opening a new office in Tel Aviv.
The founder and chief executive officer of Galaxy, Mike Novogratz said that:
“The purchase of GK8 is a significant foundation in our attempt to make a really full-service financial platform for virtual assets, making sure our clients will have the opportunity to store their virtual assets at or different from Galaxy without coming to terms of versatility and functionality.”
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
