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Media: Galaxy Digital Negotiates Purchase of BitGo Custodian

Mike Novogratz’s cryptocurrency trading bank Galaxy Digital is actively negotiating the acquisition of custodian services provider BitGo. This is reported by CoinDesk with reference to its own sources.

In 2020, the media reported on the plans of the payment giant PayPal to take over the custodian. In December, it became known that the negotiations had failed.

Two people familiar with the question told CoinDesk that the payment company was offering $ 750 million in cash for BitGo.

In March, PayPal announced its intention to buy another cryptocurrency storage infrastructure provider, Curve.

According to CoinDesk sources, Galaxy and BitGo are close to making a deal.

“Galaxy is not engaged in custody services, so the takeover makes sense,” – said one of the interlocutors of the publication.

The details of the deal are unknown at this stage, but a traditional financial firm may be involved.

Galaxy previously invested in a custodian, Novogratz also funded BitGo’s rival Fireblocks.

Recall that in January, Galaxy opened a Bitcoin mining division, and later announced plans to launch a research line of activities.

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Fidenge Pecold

My profession is a journalist, but my hobby for 8 years has been studying Forex investing and trading. During this time, I managed to gain extensive experience in investing and trading cryptocurrencies and double my capital in the Forex market. To be the author of this magazine, the site owners invited me to participate in one of the 2020 trading webinars, and I will try to reveal the most relevant crypto market news for you.

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