Galaxy Expands Ethereum Staking Portfolio with Major Acquisition of CryptoManufaktur Assets
Strengthening Blockchain Infrastructure: Galaxy Digital Acquires Leading Node Operator
In a significant move to bolster its blockchain infrastructure, Galaxy Digital, a top-tier crypto firm directed by Michael Novogratz, has strategically acquired almost all assets of the prominent blockchain node operator, CryptoManufaktur LLC (CMF). This acquisition marks a pivotal step for Galaxy Digital in enhancing its Ethereum staking capabilities.
Enhancing Ethereum Staking Capabilities
The acquisition was formalized through an agreement whose specific details remain undisclosed. With this deal, Galaxy Digital will incorporate CMF’s operational and engineering staff, along with their assets, into its existing framework. This addition is set to boost the firm’s total assets under stake by approximately 43%, illustrating a significant expansion in Galaxy’s staking operations.
Leadership and Technical Expertise
Key figures from CMF, including founder Thorsten Behrens, will merge with Galaxy’s blockchain infrastructure team. This team is dedicated to providing top-notch staking and blockchain validator services to a diverse clientele including qualified investors, digital-asset platforms, and protocols. Behrens, having an extensive engineering background, will bring valuable expertise, significantly strengthening the technical capabilities of Galaxy Digital.
Broader Implications and Growth
Founded in 2020, CMF initially catered to infrastructure needs for the blockchain oracle project Chainlink before venturing into automated proof-of-stake node deployment for Ethereum. Through this deal, approximately $1 billion worth of Ethereum assets currently under CMF’s management will transition to Galaxy Digital, thereby increasing the latter’s staked assets to an impressive $3.3 billion.
Galaxy Digital has been actively expanding its suite of services in blockchain infrastructure, complementing its primary focus areas of cryptocurrency trading and investment management. As a former executive at Goldman Sachs and hedge fund Fortress Investment Group, Novogratz’s leadership has been crucial in navigating the company through the evolving digital asset landscape.
Future Outlook
“With this acquisition, Galaxy is poised to substantially scale its blockchain infrastructure and staking solutions, providing advanced technical expertise and robust support to key players across the digital-asset ecosystem,” said Zane Glauber, head of Galaxy’s blockchain infrastructure team. He underscored the acquisition as a critical milestone in positioning Galaxy as a technical leader and a trusted partner to innovators and developers in the field.
This strategic expansion underlines Galaxy Digital’s commitment to leading the edge in blockchain technology and staking services, ensuring they remain at the forefront of providing enterprise-grade solutions in the rapidly growing cryptocurrency sector.
