Today, a financial services and investment management pioneer in the blockchain, cryptocurrency, and digital asset industries revealed its plans to buy GK8, a safe platform for institutional self-custody of digital assets. The transaction, which is contingent on court clearances and other closing requirements, will be the outcome of a selling procedure carried out in connection with Celsius Network LLC’s Chapter 11 bankruptcy.
Using proprietary technology to safely store cryptocurrencies and carry out blockchain transactions without connecting to the internet, GK8 is a leading technology supplier for institutions wishing to safeguard their digital assets with the utmost possible security.
Mike Novogratz, the CEO and founder of Galaxy, said. “Adding GK8 to our prime offering at this critical juncture for our sector also highlights our continued willingness to seize strategic opportunities to grow Galaxy in a sustainable manner,” the company said.
A team of about 40 employees, including cryptographers and blockchain engineers, will be added as a result of the deal, accelerating Galaxy’s product innovation and development. By acquiring the transaction, Galaxy will also increase its geographic reach by opening an office in Tel Aviv.
Lior Lamesh, the CEO of GK8, and Shahar Shamai, the CTO, will continue in their roles as Galaxy’s new custodial technologies business leaders. GK8 will continue to directly support financial institutions, such as banks, trust firms, broker-dealers, and retail platforms, in their efforts to protect the digital assets of their clients in addition to offering self-custody solutions to GalaxyOne and institutional investors. GK8 recently announced a partnership with USI Insurance Services to provide institutional clients with access to up to $1 billion of insurance coverage for digital assets stored on the platform, bolstering its secure custody solutions.
Lamesh stated, “We’ve worked hard to establish ourselves as the most secure platform of preference for financial institutions involved in the digital asset ecosystem. We’re thrilled about the possibility of working with one of the top companies that offers financial and digital asset services to organisations that fully get the significance of GK8’s custody technology for the development of blockchain. With Galaxy’s support, we hope to launch innovative new products into the market that highlight a synergy between GK8’s unmatched R&D capabilities and Galaxy’s best-in-class services.
About GK8
GK8 provides institutions with a complete platform for managing blockchain-based assets for both conventional and crypto-native organisations. With a patented MPC for automatic transactions, the company created the first real cold vault in the world, enabling its clients to originate, sign, and send secure blockchain transactions without internet connectivity. This eliminates all cyberattack vectors.
GK8 provides institutions with a complete platform for managing blockchain-based assets for both conventional and crypto-native organisations. With a patented MPC for automatic transactions, the company created the first real cold vault in the world, enabling its clients to originate, sign, and send secure blockchain transactions without internet connectivity. This eliminates all cyberattack vectors.
