The crypto financial services company said on Friday that
Galaxy Digital Holdings Ltd. will buy crypto lender Celsius Network LLC-owned digital asset custody platform GK8.
According to the company, the take over followed a sale process executed in connection with Celsius’ Chapter 11 bankruptcy and is subject to court approvals and other closing conditions.
iting extreme market conditions and listed a $1.19 billion deficit on its balance sheet, New Jersey-based Celsius filed for bankruptcy in July.
Galaxy said that the deal will include nearly 40 people, including cryptographers and blockchain engineers, as well as an office in Tel Aviv.
Founded by Michael Novogratz, the company offers a suite of financial services including trading, asset management and investment banking among others to the crypto-focused companies.
Earlier in August, it was reported that San Francisco-based blockchain payments company Ripple Labs Inc was interested in potentially purchasing assets of bankrupt crypto lender Celsius Network, as per a company spokesperson.
Crypto markets were terribly affected by the collapse of the popular terraUSD and luna tokens in May, followed by the implosion of crypto exchange FTX last month.