Crypto Markets Today: Galaxy Digital Expands Brokerage Services With GK8 Acquisition

Mike Novogratz’s cryptocurrency-focused, financial-services firm Galaxy Digital has won an auction to buy self-custody platform GK8 from embattled crypto lender Celsius Network, Galaxy said in a press release Friday.

This article originally appeared in Crypto Markets Today, CoinDesk’s daily newsletter diving into what happened in today’s crypto markets. Subscribe to get it in your inbox every day.

Celsius had put a few of its assets up for sale after filing for bankruptcy in July following a downturn in the crypto market.

Terms of the deal weren’t disclosed, but Galaxy spokesman Michael Wursthorn said the price was materially less than what Celsius had paid a year ago. Celsius had acquired GK8 in November 2021 for $115 million, as reported.

Galaxy’s aim with the acquisition is to expand its prime brokerage offering. Around 40 people would be joining Galaxy’s team, including blockchain engineers and cryptographers.

Expand Galaxy’s global footprint with a new office in Tel Aviv, Israel, is a major outcome of the deal, which is subject to regulatory approval. “Adding GK8 to our prime offering at this pivotal moment for our industry also highlights our continued willingness to take advantage of strategic opportunities to grow Galaxy in a sustainable manner,” Novogratz, founder and CEO of Galaxy, said in the release.

Previously, in August, Galaxy abandoned its plan to buy crypto custody specialist BitGo for $1.2 billion. At the time Galaxy said BitGo had failed to provide financial statements by a deadline of July 31. The cancellation of the deal prompted BitGo to sue Galaxy for damages in September.

Liquidators for Three Arrows Capital have seized $35.6 million from the collapsed crypto hedge fund’s bank accounts in Singapore, according to a presentation used in a court hearing on Friday. The money seized by Teneo – the New York-based liquidation firm appointed by a British Virgin Islands court – is the largest chunk of money obtained since Three Arrows imploded in July, leaving a $3.5 billion debt in its wake.

An unknown group of attackers were able to drain some $15 million in liquidity from BNB Chain-based staking platform Helio on Friday morning after exploiting an oracle issue on the protocol, on-chain data shows. The Helio exploit came hours after the decentralized finance protocol Ankr was attacked for $5 million. The Ankr attacker was able to mint 6 quadrillion aBNBc tokens, which they eventually turned into roughly 5 million USDC, as CoinDesk reported.

U.S. economy added an unexpected robust 263,000 jobs in November. Bitcoin was recently hovering near $17,000, recovering from an earlier slide on the news, whereas equities were mixed following the strong job report. The S&P 500 and Nasdaq Composite closed down 0.12% and 0.18%, respectively, while the Dow Jones Industrial Average was up 0.1%. Data from crypto analysis firm IntoTheBlock shows bitcoin’s 30-day correlation with the S&P 500 dropped to -0.8, hitting its lowest point since May 2019. “The contrast between crypto’s internal troubles and macro’s positive tailwinds have led the two to become negatively correlated,” Lucas Outumuro, head of research at IntoTheBlock, wrote in a Friday note.

(CoinDesk and Highcharts.com)

Trader Joe: Avalanche-based decentralized exchange (DEX) Trader Joe will soon deploy on Ethereum scaling system Arbitrum. Trader Joe is the largest DEX and lending service on Avalanche, locking up over $95 million worth of tokens as of Friday. This is the first time Trader Joe will be deployed on a separate network. JOE, the native token of the Trader Joe platform, was recently surging 13% to 19 cents over the past 24 hours.

Listen 🎧: Today’s “CoinDesk Markets Daily” podcast discusses the latest market movements and a look at how FTX’s crypto exchange token played a role in its collapse.

Sign up for Crypto for Advisors, our weekly newsletter defining crypto, digital assets and the future of finance.

By signing up, you will receive emails about CoinDesk product updates, events and marketing and you agree to our terms of services and privacy policy.

DISCLOSURE

Please note that our

privacy policy,

terms of use,

cookies,

and

do not sell my personal information

has been updated

.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a

strict set of editorial policies.

CoinDesk is an independent operating subsidiary of

Digital Currency Group,

which invests in

cryptocurrencies

and blockchain

startups.

As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of

stock appreciation rights,

which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG

.

Read More

Leave a Reply

Your email address will not be published. Required fields are marked *

You May Also Like

Beware! Scammers hacked an Indian Website with a Fake Azuki NFT Airdrop

You are here: Home / News / Crypto Scam / Beware! Scammers…

Yen falls to ¥135 against the dollar for first time since 2002

Choose your subscription Trial Try full digital access and see why over…

Mark Your Calendar! Ethereum Merger to Began Officially on September 6, 2022

Ethereum Merger is the most awaited event in the crypto space and…

✦ The future of at-home fitness

Hi Quartz members, Looking at Peloton’s performance this year alone, you might…