• Celsius cleared out all the balances held on the GK8 unit, including $1.1 million ADA and $1.1 million MATIC.
• Galaxy Digital won the auction to purchase the GK8 platform from Celsius.
• Galaxy Digital will now need to expand its staff and hire 40 new staffers, blockchain engineers, and cryptographers.
Celsius, a cryptocurrency lending platform, recently withdrew a large sum of MATIC and ADA held on GK8, a digital asset custody network, ahead of the unit’s sale to Galaxy Digital. A crypto network analyst published a Twitter thread analyzing the coin reports in December and noted that Celsius cleared out all the balances held on the GK8 unit, including $1.1 million ADA and $1.1 million MATIC. An additional $250k was generated via staking, bringing the total to around $8 million.
Galaxy Digital then announced its plans to purchase the GK8 platform from the Celsius network, following an auction process initiated and directly connected to the Chapter 11 bankruptcy filing. The digital asset custody network was of interest to Ripple Network, who had looked into buying the entirety of crypto lender Celsius. By winning the GK8 auction, Galaxy Digital now has ownership of the unit, and will need to expand its staff, including around 40 new staffers, blockchain engineers, and cryptographers.
The addition of GK8 to Galaxy Digital will give the firm a much needed boost in the asset custody space. The services that GK8 provides will benefit Galaxy Digital’s clients, allowing them to securely store digital assets. Furthermore, GK8’s innovative tools and automation will make it easier for clients to manage their digital assets.
The sale of GK8 from Celsius to Galaxy Digital is yet another example of the power of blockchain technology. It not only provides a secure platform for digital asset storage, but also provides a platform for businesses to streamline their operations. With the purchase of GK8, Galaxy Digital is now in a better position to capitalize on the growing demand for digital asset storage solutions.