Aug 27 (Reuters) – BitGo has agreed to buy NYDIG’s institutional trading business, a source familiar with the matter said, as the crypto custodian pushes to strengthen its foothold in trading infrastructure.
Here are some details:
• 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.
• 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 and Utkarsh Shetti in Bengaluru; Editing by Vijay Kishore)
