BitGo has agreed to acquire NYDIG’s institutional trading business as the crypto custodian expands its trading infrastructure and services for institutional clients. The deal comes as cryptocurrency market activity continues to recover.
Crypto custodian BitGo has agreed to acquire the institutional trading business of NYDIG, expanding its presence in trading and other services for institutional cryptocurrency investors.
Reuters reported that the transaction is part of BitGo’s effort to strengthen its trading infrastructure. Financial terms were not disclosed.
The acquisition will add NYDIG’s institutional trading capabilities to BitGo’s existing digital asset infrastructure, allowing the company to offer a broader range of services to institutional clients.
According to The Block, NYDIG’s business provides services including derivatives, structured products, financing and capital markets solutions. About 30 NYDIG employees, along with their institutional trading relationships, are expected to join BitGo.
BitGo CEO Mike Belshe said institutions increasingly want a trusted provider capable of supporting the full digital asset lifecycle, from custody and trading to financing and settlement.
For NYDIG, the transaction will allow the company to concentrate more resources on its bitcoin mining and high performance computing data center businesses.
The deal highlights a broader trend in the cryptocurrency industry toward consolidation as companies seek to combine custody, trading, financing and settlement capabilities under one platform.
For BitGo, expanding into institutional trading could strengthen its position as crypto markets mature and larger financial institutions seek more comprehensive digital asset infrastructure.
Comments (0)
You must be logged in to post comments.
No comments yet. Be the first to start the conversation!