ETH
by BSCN
July 19, 2024
This move is part of Galaxy’s broader strategy to expand its blockchain infrastructure, complementing its existing crypto trading and investment management services.
Galaxy Digital Holdings Ltd. (TSX: GLXY) has significantly strengthened its position in Ethereum staking by acquiring nearly all assets of CryptoManufaktur LLC (CMF). The three-person engineering team of CryptoManufactur, led by its founder Thorsten Behrens, will join Galaxy's blockchain infrastructure team as part of the deal.
"Galaxy is rapidly expanding its blockchain infrastructure and staking capabilities,” Zane Glauber, Head of Galaxy's Blockchain Infrastructure team, said. “Our acquisition of CMF is an important milestone that significantly enhances our position as a leading technical partner to protocols and builders.”
This acquisition aims to enhance Galaxy's Blockchain Infrastructure team, which offers staking and validator services to investors, protocols, and digital asset platforms.
CryptoManufactur was established in 2020 to build infrastructure for Chainlink's blockchain oracle project. It later expanded into automated proof-of-stake node deployment infrastructure on Ethereum.
The deal elevates Galaxy Digital's ether assets under stake from approximately $2.3 billion to $3.3 billion, reflecting an addition of about $1 billion. This acquisition is part of Galaxy's broader strategy to strengthen its blockchain infrastructure, adding to its crypto trading and investment management services. Terms of the deal remain undisclosed.
Worth noting, last February, Galaxy Digital acquired 26,000 ETH worth $76.2 million from Coinbase Prime and Binance, signaling its intent to consolidate its crypto holdings and staking capabilities.
In December 2022, Galaxy Digital won an auction to buy self-custody platform GK8 from the bankrupt crypto lender Celsius Network. This acquisition highlighted Galaxy's strategy to identify and acquire valuable assets from distressed companies in the crypto industry. The recent purchase of CMF aligns with this approach, enhancing Galaxy's technical infrastructure and staking portfolio.
Disclaimer
Disclaimer: The views expressed in this article do not necessarily represent the views of BSCNews. The information provided in this article is for educational and informational purposes only and should not be construed as investment advice. BSCNews assumes no responsibility for any investment decisions made based on the information provided in this article
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