Galaxy Digital will buy BitGo custody service for $1.2 billion – Bits Media

The financial company Galaxy Digital, headed by Michael Michael, has agreed to purchase BitGo castedial service for $1.2 billion. For the first time, rumors about a possible transaction appeared last month.

According to the statement
Galaxy Digital, The company agreed to buy a cryptocurrency caste -dodium service Bitgo for $1.2 billion in the form of shares and cash. In accordance with the terms of the transaction, BitGo shareholders will receive 33.8 Milln ordinary shares Galaxy Digital and approximately $265 Milly in cash.

“The acquisition of BitGo turns Galaxy Digital into a financial company, providing a full range of services for institutional, and significantly accelerates our mission on the institutionalization of ecosystems of digital assets and blockchain ", – said Galaxy Digital General Mike Novograts (Mike Novogratz).

Galaxy Digital stores assets worth more than $40 billion and serves more 150 Exchange and 400 institutional investors. BitGo processes more 30 billion transactions per month and supports storage from above 400 cryptocurrency.

As a result of the purchase, Galaxy will receive about 400 large customers around the world. Moreover, The company intends to "return home", which will lead to listing in the USA at the end 2021 of the year. Buying will also allow Galaxy Digital to expand geographically with the addition of an office in San Francisco.

"Technologies, Decisions and people, which will appear in our team as a result of this acquisition, They will open a unique opportunity for our customers and will contribute to the long -term growth of our united business ", – Added by the new graph.

In April, information first appeared, that the cryptocurrency company Galaxy Digital under the direction of Michael Novogradz is actively negotiating on the purchase of a regulated castodian Bitgo. In December last year, Fortune sources reported, that the PayPal payment giant was negotiating BitGo, But they failed. As a result, PayPal bought
Castodial service Curv.