Expanding CryptoManufaktur's Ethereum holdings through an enhancement of its staking portfolio by Galaxy
In a strategic move to expand its digital assets portfolio, Galaxy Digital Holdings has acquired nearly all of CryptoManufaktur's (CMF) Ethereum assets. This acquisition, focusing on decentralized finance (DeFi) protocols involving Ethereum-based tokens, is a significant step in Galaxy's broader goal of enhancing its Digital Assets segment.
The CryptoManufaktur engineering team, led by Thorsten Behrens, will now join Galaxy's Blockchain Infrastructure team, contributing to the expansion of Galaxy's blockchain infrastructure and staking capabilities. CMF, which originally launched to build core infrastructure for Chainlink's price feeds, has expanded to become one of the leading blockchain infrastructure providers, supporting other oracle and proof-of-stake (PoS) ecosystems as well.
With this acquisition, Galaxy's Blockchain Infrastructure team, headed by Zane Glauber, is now responsible for securing and running Ethereum PoS node deployment infrastructure. This move bolsters Galaxy's position as a leading technical partner to protocols and builders, as stated by Zane Glauber himself. Thorsten Behrens, founder of CryptoManufaktur, shares this sentiment, believing Galaxy is uniquely positioned to serve as the leading blockchain infrastructure provider.
The engineering team from CMF will help Galaxy provide validator services across high-performing blockchains, further diversifying Galaxy's business model. As a result, Galaxy's assets under stake (AUS) have grown to $3.3 billion, with the Ethereum AUS now at about $1 billion.
This acquisition is expected to strengthen Galaxy’s position in DeFi by integrating CMF's Ethereum assets, leveraging synergies with its existing operations, and capitalizing on the growth in the DeFi market. It also enhances the utility and flexibility of Galaxy's digital assets, enabling them to be better deployed across multiple blockchains and smart contract-enabled platforms.
Galaxy's filings indicate that goodwill from such acquisitions is attributed to anticipated operational synergies, highlighting management's expectation of added value from incorporating these assets into their ecosystem. In summary, this acquisition represents a strategic enrichment of Galaxy's digital asset holdings focused on DeFi applications, anticipated to enhance operational synergies and market positioning within the Ethereum ecosystem and the broader decentralized finance landscape.
[1] [Source] [2] [Source]
Read also:
- 1. Key Points for August 14: Gathering in Alaska, Immigration Enforcement (ICE), Financial service Zelle, Infowars, and Air Canada Airline Incidents
- Automobile manufacturer IM Motors reveals an extended-range powertrain akin to installing an internal combustion engine in a Tesla Model Y.
- Conflict Erupts Between Musk and Apple Over Apple Store's Neglect of Grok
- Partnership between MTN South Africa and SANTACO aims to advanced transportation systems and stimulate economic opportunities for the masses in South Africa.
