Galaxy Digital refuses to buy BitGo crypto custodian
The decision was made after the platform did not provide audited financial statements for 2021
15.08.2022 - 13:30
383
2 min
0
What’s new? Galaxy Digital, an investment company, has refused to buy cryptocurrency custodian BitGo. The $1,2 billion deal was announced back in May 2021. According to Galaxy’s statement, it was terminated after BitGo did not provide audited financial statements for 2021 by July 31, 2022, that meet the requirements of the agreement. The release also states that no termination fee is payable.
What else does the press release say? Galaxy founder and CEO Mike Novogratz said that the company aims to increase market share value by expanding its list of services for institutional clients. In particular, the company is preparing to launch Galaxy One Prime, this platform will combine trading, lending, and derivatives and offer custodial services. Galaxy will also continue the process of going public on the US Nasdaq Stock Exchange, he added.
Galaxy Digital was founded by Mike Novogratz, trader, investor, and former head of the Goldman Sachs branch in Latin America. It had $1,7 billion in assets under management at the end of Q2 2022. The company’s shares are traded on the Toronto Stock Exchange (TSX) under the ticker GLXY. As of August 15, 13:20 UTC, the price per security is $6,73, up by 3,62% per day, according to Investing.com.
BitGo was founded in 2013 by Mike Belshe and Ben Davenport. It is headquartered in Palo Alto, California. The platform provides custodial services by providing a multi-signature cryptocurrency wallet. It serves more than 500 institutional customers and 150 crypto exchanges. The average monthly transaction volume exceeds $20 billion.
Useful material?
Telegram 
Twitter Incidents
The search, the reason for which was not announced, took place a week after the election, the results of which Polymarket users predicted quite accurately
Nov 14, 2024
Market
Analysts point to the growing popularity of the first cryptocurrency as a safe haven asset
Nov 13, 2024
Market
The product will begin trading on the Swiss Exchange on November 19
Nov 12, 2024
Market
The company’s unrealized profits from investing in the first cryptocurrency approached $13 billion
Nov 12, 2024
Market
The company predicts that the rate of the first cryptocurrency will grow to $200 000 by the end of next year
Nov 11, 2024
Technologies
The company also unveiled its own blockchain adoption index
Nov 11, 2024
Cryptocurrency rates
-
Bitcoin
$89 142
BTC
-3.94%
-
Ethereum
$3 170.33
ETH
-3.97%
-
BNB Smart Chain
$579.4
BSC
+1.23%
-
Dogecoin
$0.399967
DOGE
-3.83%
-
Ripple
$0.729082
XRP
-0.97%
-
Cardano
$0.558681
ADA
-5.97%
-
Bitcoin Cash
$428.69
BCH
-2.93%
-
Polkadot
$4.92
DOT
-7.63%
-
Litecoin
$81.09
LTC
+5.15%
-
Stellar XLM
$0.126092
XLM
-4.46%