Crypto custodian firm BitGo to buy NYDIG's institutional trading business

Aug 27 : 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.

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• 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.