Crypto custodian firm BitGo to buy NYDIG’s institutional trading business, source says

Crypto custodian firm BitGo to buy NYDIG’s institutional trading business

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Aug 27 : BitGo has agreed to buy NYDIG’s institutional trading business, as to strengthen its foothold in trading infrastructure

• With the acquisition, about 30 NYDIG employees are expected to join BitGo, alongside 250 institutional client relationships.

• The deal will add derivatives, structured products, financing and other capital markets services to BitGo’s existing custody, settlement and wallet infrastructure units.

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• Cryptocurrencies have started to gain mainstream prominence, benefiting from the Trump administration’s friendly stance on the asset class.

• BitGo went public earlier this year, raising about $213 million in its initial public offering. Founded in 2013, it is one of the largest crypto custody firms in the United States.

• Through its institutional trading unit, NYDIG focuses on financing and derivatives, catering to institutional investors and family offices.

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Source: www.channelnewsasia.com