Mike Novogratz's crypto-focused financial services firm Galaxy Digital has closed its acquisition of institutional self-custody platform GK8 more than two months after winning an auction to buy the company from bankrupt crypto lender Celsius.

GK8 solutions will continue to be available to the market, but Galaxy will also integrate the technology into its forthcoming prime brokerage platform, GalaxyOne.

The bankruptcy and continuing bear market pressure on valuations allowed Galaxy to pick up GK8 for approximately $44 million, a more than 60% discount.

The purchase will help build out GalaxyOne, the previously launched platform that will offer a wide range of financial services for institutions, including trading, lending, derivatives, cross-portfolio margining, and a number of custodial options, including GK8. Galaxy also gains an office in Tel Aviv and a nearly 40-person team, including the founders, who have joined Galaxy to lead its custodial technology offering.

(By Brandy Betz)

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