Mike Novogratz’s cryptocurrency-focused financial company, Galaxy Digital, is in talks to buy BitGo, a cryptocurrency custodian, CoinDesk has learned, citing four people familiar with the matter. According to one source, Galaxy Digital does not do custody "so it makes sense to bring that in-house."
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While details of a potential deal remain unknown, talks are ongoing and the discussions could still fall apart. Representatives for Galaxy Digital and BitGo declined to comment.
In December last year, PayPal terminated acquisition talks with BitGo. While the reason remains unknown, BitGo CEO Mike Belshe said that the custodian is currently not profitable, as it is in "growth mode."
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