Celsius Network, a cryptocurrency lender with more than $20 billion assets under management, has acquired Israeli-based cryptocurrency custodian GK8 for $115 million. According to an announcement, with the acquisition Celsius has become an end-to-end platform that combines a cold vault with a keyless MPC with an "unlimited number of automatic co-signers."
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"This amazing Celsius GK8 security solution eliminates attack vectors that existing in all other custodial or digital custody solutions including: man in the middle attack, inside jobs, physical and side channel attacks as well as phishing schemes," the announcement says.
The lender emphasizes that GK8 eliminates "all online critical attack vectors." With GK8, Celsius plans to target banks, financial institutions, cryptocurrency exchanges, CBDC projects, family offices and hedge funds.
The purchase comes after Celsius raised $400 million in a funding round led by WestCap, a growth equity firm, and Caisse de dépôt et placement du Québec (CDPQ), a Canadian pension fund. The latest investment round put the company's valuation at $3 billion.
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