Galaxy Digital, a well-known crypto firm led by Michael Novogratz, has recently acquired most of the assets of CryptoManufaktur LLC, a blockchain node operator. This acquisition is aimed at expanding Galaxy’s Ethereum staking capabilities. The details of the deal were not disclosed in the press release exclusively provided to CoinDesk.
With this acquisition, Galaxy will be gaining the operations and engineering teams of CryptoManufaktur, along with their assets. This move will increase the company’s serviced assets under stake by approximately 43%. Thorsten Behrens, the founder of CMF, will be joining Galaxy’s blockchain infrastructure team along with two other members of the engineering team. This team is responsible for providing staking and blockchain validator services to qualified investors, protocols, and digital-asset platforms.
CryptoManufaktur, established in 2020, initially focused on building infrastructure for the blockchain oracle project Chainlink. Later on, they expanded their operations to include running automated proof-of-stake node deployment infrastructure on Ethereum. As part of the deal, Galaxy will now have around $1 billion of Ethereum assets under stake, bringing their total to $3.3 billion.
Galaxy’s decision to acquire CMF reflects their strategic goal of expanding into blockchain infrastructure in addition to their core business areas of crypto trading and investment management. Michael Novogratz’s background in Wall Street, having worked at Goldman Sachs and hedge fund Fortress Investment Group, adds to Galaxy’s credibility in the crypto space.
Zane Glauber, the head of Galaxy’s blockchain infrastructure team, expressed the company’s commitment to enhancing their technical expertise and support for various aspects of the digital-asset ecosystem. The acquisition of CMF is seen as a significant milestone in establishing Galaxy as a leading technical partner for protocols and developers in the industry.
In conclusion, Galaxy Digital’s acquisition of CryptoManufaktur’s assets marks a strategic move to strengthen their position in the Ethereum staking market and expand their blockchain infrastructure capabilities. This development underlines the company’s commitment to providing top-notch technical support and expertise to the growing digital asset ecosystem.