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Crypto Custody Firm BitGo to Sue Galaxy Digital for Abandoning $1.2B Merger Agreement
BitGo said Galaxy owes it a $100 million breakup fee.
Автор Danny Nelson
Cryptocurrency custody company BitGo said Monday it plans to sue Galaxy Digital for backing out of the firms' $1.2 billion merger agreement.
BitGo, which is one of the biggest custodians in the crypto industry, said it will seek $100 million in damages from Galaxy. In a press release, it said Galaxy is refusing to pay this previously promised breakup fee.
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“The attempt by Mike Novogratz and Galaxy Digital to blame the termination on BitGo is absurd,” said R. Brian Timmons, a partner with Quinn Emanuel, the law firm BitGo has retained. Novogratz is Galaxy's CEO.
In the press release, Timmons pointed to Galaxy's recent losses, which he said range in the hundreds of millions of dollars.
"Either Galaxy owes BitGo a $100 million termination fee as promised or it has been acting in bad faith and faces damages of that much or more,” Timmons said.
A spokesperson for Galaxy told CoinDesk that the company believes "BitGo's claims are without merit and we will defend ourselves vigorously. As previously stated, BitGo did not provide certain BitGo financial statements needed by Galaxy for its SEC filing. Galaxy's Board of Directors then made the decision to exercise its contractual right to terminate."
UPDATE (August 15, 19:41 UTC): Added response from Galaxy.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
- The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq, with a €2.99 monthly fee and 1.5% transaction commission.
- The move follows similar initiatives by other European banks, such as BBVA, Santander, and Raiffeisen Bank, which have already started offering crypto trading services to their customers.
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