Galaxy to buy the bankrupt GK8
2022.12.02 11:52
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Galaxy to buy the bankrupt GK8
Budrigannews.com – On Friday, Galaxy Digital Holdings Ltd, the crypto-financial services company announced the acquisition of GK8, a digital asset storage platform owned by the Cisco Network crypto lender.
According to the company, the acquisition depends on the consent of the court and other conditions of its closure, and occurred as a result of a sale transaction that was carried out as part of the Bankruptcy of the Company under Chapter 11 of the Bankruptcy of the Company. Celsius, a New York-based company, announced a balance sheet deficit of $1.19 billion when it announced it in June, due to difficult market conditions.
According to Galaxy, the deal will include almost 40 people, including cryptographers and blockchain engineers, and a Tel Aviv office. The company based on Michael Novogratz provides companies focused on cryptographic technologies with a wide range of financial services, including trading, asset management, investment banking.
A company representative told Reuters in August that Labs Inc, based in San Francisco, is interested in acquiring the assets of Cisco Network, a non-payer of the crypto loan. The collapse of the popular TeraUSD and Luna token markets in May, as well as the collapse of the FTX cryptocurrency exchange last month, shook the cryptocurrency markets.
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