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Mike Novogratz’s Galaxy Digital Could Buy BitGo | CryptoGazette - Cryptocurrency News

source-logo  cryptogazette.com 21 April 2021 05:59, UTC

It’s been just revealed that Galaxy Digital which is run by Mike Novogratz is in discussions to buy BitGo – this is the US-regulated crypto custody specialist.

Coindesk revealed the news, citing four different sources.

The online publication noted that both Galaxy and BitGo declined to comment.

BitGo and PayPal news

The same online publication says that Silicon Valley’s BitGo was last year reported to have been in acquisition talks with fintech giant PayPal.

But, as you probably know by now, there was no real reach so far, but it’s worth noting the fact that PayPal offered as much as $750 million in cash for the custody company, CoinDesk reported last month.

Back then, they cited two sources familiar with the matter. PayPal later agreed to acquire Curv, another cryptocurrency custody firm.

“Galaxy does not do custody so it makes sense to bring that in-house,” one of the sources familiar with the discussions told CoinDesk.

BitGo also administers WBTC, a service with $8.5 billion in locked value that “wraps” BTC into Ethereum-compatible tokens.

Check out the original article in order to learn all the available details.

Mike Novogratz issues a crypto warning

Mike Novogratz just issued a crypto warning, He is targeting XRP and Dogecoin.

He points out to the fact that Coinbase going public on Wednesday has caused a lot of volatility in the market overall. Here’s what he told MarketWatch.

“I’ve seen a lot of weird coins like Dogecoin and even XRP have huge retail spikes, which means there’s a lot of frenzy right now,” he said.

He continued and said: “That never ends well, and so we’ll probably have a washout at one point.”

On the other hand, it’s been also revealed that Novogratz still believes, however, that in the long run, the overall sector will see massive gains. Stay tuned for more news.

cryptogazette.com