Home News Celsius Network acquired GK8 for $115M

Celsius Network acquired GK8 for $115M

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Celsius Network financial technology platform has acquired Israeli cybersecurity company GK8. The company’s website reported this.

Thus, G8 is positioned as a cold storage platform for financial institutions; supporting various crypto assets, decentralized applications and staking.

The founders of the Israeli startup Lior Lamesh and Shahar Shamai previously worked as cybersecurity experts in the office of the Prime Minister of Israel. In addition, the transaction amount was $115 million.

All-in-one platform for banks and financial institutions

GK8 and Celsius have teamed up to create an all-in-one platform for banks and financial institutions. End-to-end solutions, no hardware dependencies, 100% cyber protection, unique MPC wallet, governance and compliance ready solutions, and asset agnostic are some of GK8 and Celsius Network’s key differentiators.

The GK8 from Celsius is now the first real “air-gapped vault” that sends transactions across blockchains while being completely offline. This eliminates all important attack vectors in the online world.

Banks, financial institutions, crypto exchanges, platforms, CBDC initiatives, family offices, and hedge funds are all targets for GK8’s solutions.

Expanding the product line

Recall that previously in October, Celsius Network raised $400 million. According to the results of the round, the company’s market valuation exceeded $3 billion. Investment company WestCap and Canada’s second-largest pension fund Caisse de dépôt et Placement du Québec (CDPQ) led the round.

According to the press release, Celsius will use the funds raised to expand the product line. As well as “to build bridges between traditional finance and cryptocurrencies”. Therefore, the funding round took place against the background of accusations against the platform in the United States of selling unregistered securities. Claims against the company arose from the regulators of the states of Texas, New Jersey, Alabama and Kentucky.

CEO of Celsius Network Alex Mashinsky expressed hope that the investment will convince regulators of the stability of the platform’s business and “help open doors to the main financial markets”.

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