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Galaxy Digital to acquire Celsius’ GK8

Galaxy Digital Holdings has won the bidding to buy GK8, an institutional digital asset self-custody platform owned by Celsius Network.

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Galaxy Digital Holdings has won the bidding to buy GK8, an institutional digital asset self-custody platform owned by Celsius Network.

According to a blog post from GK8 and a press release from Galaxy, if the acquisition goes ahead, Galaxy will acquire the platform’s nearly 40-strong team as part of the deal including cryptographers and blockchain engineers and an office in Tel Aviv.

The team behind the platform claims it can run secure blockchain transactions without being connected to the internet, severely reducing the risks of hacks. Celsius acquired GK8 in 2021 for $115 million, though Galaxy has not disclosed how much it offered during the bidding process. 

Galaxy intends to support GK8’s ongoing operations while utilizing its technology to develop its trading platform GalaxyOne. GK8 founders, including CEO Lior Lamesh and CTO Shahar Shamai, are expected to stay with the company and lead Galaxy’s new custodial business.

Celsius has been undergoing bankruptcy proceedings since filing for Chapter 11 bankruptcy protection on Jul. 13, discussing plans to sell some of its assets. In the court filing, Celsius CEO Alex Mashinsky indicated the company could sell Bitcoin  mined by its mining operation to help repay at least one of its loans and provide revenue for the company in the future.

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South Korea’s crypto investor surge drives CEX profits by 106%

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South Korea’s cryptocurrency market is witnessing significant growth, with a notable 21% rise in the number of active investors this year. This surge in participation is accompanied by a remarkable 106% year-over-year increase in profits for centralized exchanges (CEXs) operating in the region.

Data reveals that the uptick in investor activity is driven by a growing interest in digital assets, alongside favorable market conditions. As more individuals engage with cryptocurrencies, CEXs are capitalizing on this momentum, leading to substantial revenue gains.

Industry experts attribute the profit increase to a combination of factors, including heightened trading volumes and the introduction of new trading products that appeal to both novice and experienced investors. Additionally, many exchanges have enhanced their services, providing better user experiences and security features, which have helped attract more participants.

Despite regulatory challenges in the broader cryptocurrency landscape, South Korean exchanges are adapting to changes while continuing to foster a robust trading environment. As interest in digital assets grows, market analysts predict further expansion and profitability for CEXs in the coming months.

The rise in both investor numbers and exchange profits highlights the resilience of South Korea’s cryptocurrency market, positioning it as a key player in the global digital asset arena.

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Tron replaces Oracle provider with Chainlink

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Tron has announced a strategic partnership with Chainlink aimed at enhancing its decentralized finance (DeFi) offerings. This collaboration seeks to integrate Chainlink’s decentralized oracle network into Tron’s ecosystem, enabling developers to access real-time data and improve the functionality of their DeFi applications.

The partnership will allow Tron-based projects to leverage Chainlink’s robust data feeds, which provide reliable external information essential for executing smart contracts. This integration is expected to enhance the security and efficiency of various financial products on the Tron blockchain.

In a statement, Tron officials emphasized the importance of data integrity and accessibility in driving DeFi innovation. By collaborating with Chainlink, Tron aims to attract more developers and users to its platform, fostering growth within its DeFi ecosystem.

Chainlink’s oracles have been widely adopted across various blockchain networks, and this partnership marks a significant step in expanding their reach into the Tron ecosystem. As DeFi continues to gain traction globally, both companies are optimistic that this collaboration will yield new opportunities for innovation and investment.

This partnership comes at a crucial time as the DeFi sector evolves, and Tron is positioning itself to play a significant role in shaping the future of decentralized finance. By leveraging Chainlink’s technology, Tron aims to enhance its competitiveness in the rapidly growing DeFi landscape.

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Singapore bolsters fintech hub with Global Finance Technology Network

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Singapore has officially launched a new initiative aimed at enhancing its position as a global hub for financial technology. The Global Finance Technology Network is designed to foster collaboration between fintech companies, financial institutions, and regulatory bodies, promoting innovation and the development of cutting-edge financial solutions.

The initiative was announced during a recent fintech conference, where government officials highlighted Singapore’s commitment to creating a conducive environment for fintech growth. The network aims to connect local startups with international players, facilitating knowledge exchange and access to resources that can accelerate their growth.

Key features of the Global Finance Technology Network include mentorship programs, access to funding, and opportunities for partnerships. The initiative also emphasizes the importance of regulatory support, ensuring that fintech companies can operate effectively within a clear and supportive framework.

Officials noted that this network is part of Singapore’s broader strategy to remain at the forefront of the global fintech landscape, especially as competition intensifies from other financial centers. By fostering innovation and collaboration, Singapore aims to attract talent and investment, ultimately driving economic growth in the region.

As the fintech sector continues to evolve, the Global Finance Technology Network is expected to play a crucial role in shaping the future of finance in Singapore and beyond, positioning the city-state as a leader in financial technology innovation.

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