Galaxy Digital may buy custodian service BitGo – Bits Media

According to unnamed sources, Galaxy Digital, a cryptocurrency company led by Michael Novogratz, is actively negotiating the purchase of a regulated custodian of BitGo.

Four anonymous sources claim, that the Galaxy Digital has entered the active stage of negotiations with BitGo cryptocurrency castean to buying a service in the United States. Galaxy Digital and Bitgo refused to comment. Last December, Fortune sources reported, that the PayPal payment giant was negotiating BitGo, But they failed. As a result, PayPal bought
Castodial service Curv.

"Galaxy is not engaged in caste, Therefore, buying BitGo makes sense ", – said one of the sources. BitGo is also managed by WBTC - service, which "wraps" BTC in tokens, Compatible with etherium.

From the end of last year, sustainable growth of cryptocurrencies has led to a noticeable increase in activity with the participation of castodial firms, which is a key component of institutionalization of digital asset trade. Details of the transaction at this stage are unclear, But along with Galaxy, a traditional financial company can also be involved.

According to the source at Goldman Sachs Bank, Bitgo – One of the Castodian Bank considered by the bank, which will contribute to the access to BTC of wealthy customers of the organization. Galaxy recently reported, what kind of IV quarter 2020 years received $335 million profit, What's on 1 175% more, than a year earlier. Novogradz also stated, that the company plans to list up in the USA in the second half of this year.