BitGo to Acquire NYDIG’s Institutional Trading Business
Synopsis
Crypto custodian BitGo is set to acquire NYDIG’s institutional trading unit, expanding into derivatives and financing as crypto gains mainstream ground.
Key Highlights
- As per sources Blockworks that BitGo has entered into a deal for NYDIG’s institutional trading business.
- NYDIG estimates that around 30 employees and about 250 institutional client relationships will transition to BitGo.
- The acquisition expands BitGo’s custody and wallet services to also include derivatives, structured products and financing.
- BitGo went public this year and raised approximately $213 million in its IPO.
Deal Expands BitGo’s Trading Services
As per sources BitGo has agreed to acquire NYGIGs institutional trading business. The step is a part of BitGo’s effort to bolster its position in cryptocurrency trading infrastructure.
The agreement will see NYDIG shareholders take an ownership interest in BitGo and is expected to result in approximately 30 NYDIG employees and 250 institutional client relationships joining the cryptocurrency firm.
The acquisition will complement BitGo’s existing custody, settlement and wallet infrastructure businesses with derivatives, structured products, financing and other capital markets services.
Sources: Reuters
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