Tag: Digital

Galaxy Digital Terminates $1.2 Billion Bitgo Acquisition Deal, Crypto Firm Still Plans for Nasdaq Listing – Bitcoin News

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Galaxy Digital Holdings and the company’s CEO and founder Mike Novogratz announced the company has “exercised its right to terminate” a previously announced acquisition of Bitgo. According to Galaxy the termination of the deal was due to Bitgo’s “failure to deliver” audited financial statements for 2021. Galaxy Ends Deal With the Crypto Custodian Bitgo On Monday, Galaxy Digital Holdings (TSX: GLXY) explained that the company has terminated a proposed $1.2 billion stock and cash deal that would allow the crypto firm to acquire the digital asset custody business and financial…

BitGo to sue Galaxy Digital for $100M over dropped acquisition

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Digital asset custodian BitGo said it planned to seek more than $100 million in damages from Galaxy Digital, alleging the investment firm owed the funds as part of a “reverse break fee” in its decision to terminate an acquisition agreement. In a Monday blog post, BitGo referred to Galaxy’s actions as “improper” in claiming a breach of contract to drop an agreement to acquire the digital asset custodian. BitGo has enlisted the services of law firm Quinn Emanuel to pursue legal action against Galaxy for not paying a “$100 million…

Galaxy Digital terminates BitGo acquisition, citing breach of contract

After more than a year of efforts to acquire the digital asset custodian BitGo, Mike Novogratz’s cryptocurrency investment firm Galaxy Digital has decided to drop the acquisition. Galaxy has terminated the BitGo acquisition, citing a breach of contract, the firm officially announced on Monday. According to the statement, Galaxy exercised its right to terminate the deal in line with the acquisition agreement after BitGo failed to deliver audited financial statements for 2021 by July 31, 2022. Galaxy noted that no termination fee is payable in connection with the termination. As…

Bank of Russia Aims for Full Launch of Digital Ruble in 2024 – Finance Bitcoin News

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The Central Bank of Russia plans to begin the comprehensive implementation of the digital ruble two years from now, according to a paper detailing its monetary policy priorities for the 2023 – 2025 period. As the development of the state-issued digital currency continues, the monetary authority intends to gradually connect various financial institutions to the platform. Russia’s Central Bank to Introduce Digital Ruble Currency in 2 Years The Central Bank of the Russian Federation (CBR) has recently published a draft document that sets out the main directions for its monetary…

Russia plans to roll out digital ruble across all banks in 2024

The Bank of Russia continues working towards the upcoming adoption of the central bank digital currency (CBDC), planning an official digital ruble rollout in a few years. According to the Bank of Russia’s latest monetary policy update, the authority will begin to connect all banks and credit institutions to the digital ruble platform in 2024. That would be an important year for Russia as the country is expected to hold presidential elections in March 2024 and incumbent President Vladimir Putin has the constitutional right to get re-elected. By that time,…

Digital Assets Exchange Crypto.com Adds New Support for Surging, Under-the-Radar Altcoin

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Singapore-based digital asset exchange Crypto.com is continuing its listing spree and rolling out support for another red-hot altcoin. On Thursday, the exchange listed the native asset of Gnosis (GNO), a protocol built on Ethereum (ETH) that’s designed as a decentralized prediction market. GNO, which is used for transferring value and validating transactions on the Gnosis network, is trading at $182.10 at time of writing. The 113th-ranked crypto asset by market cap is up more than 1.5% in the past day and more than 17.5% in the past week. GNO is…