Crypto custody company BitGo plans to sue Galaxy Digital for withdrawing from the acquisition agreement and seeks $100 million in damages

[Encrypted hosting company BitGo plans to sue Galaxy Digital for withdrawing from the acquisition agreement and seeks $100 million in damages] Jinse Finance reported that the encrypted currency hosting company BitGo said it plans to sue Galaxy Digital for withdrawing from the $1.2 billion merger agreement between the two parties and seek $100 million from Galaxy compensation. BitGo said Galaxy refused to pay the previously promised exit fee.

R. Brian Timmons, a partner at Quinn Emanuel, a law firm hired by BitGo, said, “It is absurd that Mike Novogratz and Galaxy Digital blame BitGo for the termination of the agreement. Galaxy either pays BitGo a $100 million termination fee as promised, or It continues to act in bad faith and faces so much or more damage." (Coindesk)

Other news:

Crypto Custody Company Komainu Launches Yield Generation Platform "Komainu Yield": News on February 8, crypto custody company Komainu announced on Tuesday that it has launched a yield-generating service for its clients.

The platform, called Komainu Yield, allows the firm’s clients to earn yield on crypto assets held on their behalf by Komainu. The company will stake user-custodial crypto assets to earn the yield offered in various proof-of-stake protocols, while still keeping the assets under secure storage. One of the supporters of Komainu - CoinShares will be the first customer to use the platform. (The Block)[2022/2/8 9:38:49]

Crypto Custody Company NodeVenture Develops Virtual Safe to Store Digital Assets: Austria-based crypto custody company NodeVenture has developed a virtual safe to enable banks and financial service providers to securely store digital assets, according to news on May 18.

According to a NodeVenture representative, theft, hacking and fraud have cost more than $7 billion since 2018 due to a lack of professional know-how. NodeVenture's virtual safe is managed by a "private key" between 26 and 35 characters in length. The private key is stored offline on an encryption module in a high-security data center. The owner of the cryptocurrency only gets the public key.

Once registration is complete, digital assets can be transferred to the wallet. Information about each transaction is shared between online and offline systems using patented air-gap technology, which means transactions can be delegated online at any time while being signed offline with a private key. NodeVenture currently has two contracts with financial service providers and is currently testing with Australian banks. [2021/5/18 22:16:36]

Dynamics | Mauritius to start authorizing crypto custodians in March: As reported by coindesk, the Mauritius Financial Services Commission (FSC) said in a statement on Friday that after publishing draft rules in a November 2018 consultation paper, digital asset The regulatory framework for escrow has now been finalized and will come into force on March 1. The framework sets out the rules for a license that allows holders to provide custody services for digital assets. The move makes Mauritius "the first jurisdiction in the world to provide a regulatory environment for the custody of digital assets," the FSC said. [2019/2/9]