Aug 27 (Reuters) – BitGo agreed to buy NYDIG’s institutional trading business on Thursday as the crypto custodian pushes to strengthen its foothold in trading infrastructure.
Here are some details:
• The company did not mention the financial value of the deal.
• With the acquisition, about 30 NYDIG employees joined BitGo, the company said in a statement.
• The deal will add derivatives, structured products, financing and other capital markets services to BitGo’s existing custody, settlement and wallet infrastructure units.
• 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.
(Reporting by Hannah Lang in New York, Utkarsh Shetti in Bengaluru and Natalia Bueno Rebolledo in Mexico City; Editing by Vijay Kishore and Rashmi Aich)
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