Novogratz’s Galaxy Digital to acquire Celsius' GK8 in bankruptcy garage sale
The self-custody platform was acquired by Celsius in 2021 for $115 million and is now set to change hands, pending approvals. Mike Novogratz-led investment firm Galaxy Digital Holdings has won the bidding to buy GK8, an institutional digital asset self-custody platform owned by Celsius Network — pending court approvals and certain closing conditions. According to a Dec. 2 blog post from GK8 and a press release from Galaxy, if the acquisition goes ahead, Galaxy will acquire the platform's nearly 40-strong team as part of the deal including cryptographers and Blockchain engineers and the GK8's team office in Tel Aviv. GK8 is a self-custody platform for managing blockchain-based assets which offers custody, staking, DeFi, NFT support, tokenization and trading. The team behind the platform claims it can run secure blockchain transactions without being connected to the internet, severely reducing the risks of hacks. Celsius acquired GK8 in 2021 for $115 million, though Galaxy has...