Galaxy Digital Acquisition Of Blockchain-Based Securities Companies GK8 Worth IDR 669 Billion

Galaxy Digital bought GK8, the leading security cyber company. (Photo; Doc. Blockonomy)

JAKARTA Bitcoin billionaire and investor-owned company Mike Novogratz, Galaxy Digital, has completed a $44 million acquisition for GK8's institutional self-conserving platform. The company plans to integrate GK8 technology with its upcoming major broker platform, GalaxyOne.

The GalaxyOne will provide better financial services for institutions, including lending services, trade, derivatives, cross-labor portfolio margins, and several other custodial options. This acquisition makes Galaxy Digital get offices in Tel Aviv, Israel, and a team of 40 people, including GK8 founders who have joined Galaxy.

GK8 serves crypto-centric mainstream finance and companies, including banks, hedge funds, and eToro broker clients. This infrastructure provides clients with access to a series of blockchain-backed services and efforts, including DeFi, staking, trading services, and NFT support.

Users can access the GK8 service through the MPC, an automated crypto storage method that functions by dividing private keys between many signatories and cold safes. GK8 has also developed patented cryptographic techniques to facilitate the creation, signing, and delivery of transactions by the cold vault GK8 to blockchain without internet connection.

Mike Novogratz, founder and CEO of Galaxy Digital, said that investor demand for innovative and secure custodial services continues to grow, and GK8's acquisition increases their efforts to offer the best physical storage or storage wallet solutions in its class along with advanced wallet technology.

In addition to continuing to offer clients hugely valuable storage technology, the GK8 team will play an important role in their evolution to offer financial platforms with complete services for digital assets.

GK8 was initially acquired by Celsius for $115 million in November 2021, however, after Celsius bankruptcy, GK8 was sold to the Galaxy for 60 percent lower than the initial price. Previously, Galaxy withdrew from a $1.2 billion deal with BitGo which resulted in a lawsuit from BitGo.

Following the acquisition, the GK8 solution remains accessible to the market and Galaxy Digital plans to integrate its own storage platform technology with its upcoming major broker platform, the GalaxyOne. This acquisition will help Galaxy Digital to continue developing innovative and secure custodian services and technology to meet investor demand.