Amidst all the shocking news that is coming out of the crypto world, some acquisitions and mergers are also taking place. This might be seen as a good sign which tells that not all is over. Several firms in the crypto industry are managing to do well despite all the chaos that the industry is going through currently.
Galaxy Digital seems to be one such firm that is resolute in holding its focus on its business. It is a financial services firm created around cryptocurrencies. The company offers services and facilitates transactions related to digital assets through blockchain technology. It is designed to help not only big investors but also startups and individuals.
On the other hand, Celsius Networks is currently struggling like a lot of its peers in the industry. It is a crypto lending firm that has gone bankrupt. To get things in order, it put up its GK8 platform for sale. And Digital Networks has emerged with the winning bid for this platform.
GK8 is mainly a cybersecurity platform for cryptocurrencies. It also facilitated blockchain transactions, and that too without the internet! This is seen as revolutionary as it eliminates any risks of cyber attacks on its offline transaction mode. This definitely makes GK8 a noteworthy platform in this space.
This will give Galaxy Digital a huge advantage in expanding its portfolio and services. Galaxy Digital can then transform itself into a one-stop shop for all things crypto. And that too by eliminating cyber risks.
Galaxy Digital tried to acquire a similar platform back in 2021 as well. However, the deal with BitGo did not go through due to a breach of contract. Since then, Galaxy Digital has been on the lookout for a custodial platform and that is when they saw an opportunity in GK8.
It is interesting that Celsius Network itself acquired GK8 only last year. They paid a hefty $115 million for the platform. Seeing how everyone is after GK8, they definitely seem to be doing something right.
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However, the acquisition still needs to be approved by the authorities. The stakeholders are quite positive that it will go through. This transaction might not save Celsius Network from bankruptcy but it will definitely help them a bit while boosting the strength of Galaxy Digital. The crypto industry needs more such acquisitions and positive news to rebuild the faith of experts and common investors.