Crypto custodian firm BitGo to buy NYDIG's institutional trading business

Aug 27 (Reuters) - BitGo ‌agreed ​to ​buy NYDIG's institutional trading business on Thursday as the crypto custodian ‌pushes to strengthen its foothold in ⁠trading infrastructure.

Here are some details:

• The company did ‌not mention the financial ‌value of the deal.

• With the acquisition, about 30 NYDIG employees joined ​BitGo, the company said in a statement.

• The deal will add derivatives, ⁠structured products, financing and other capital markets services to ​BitGo's existing custody, settlement and wallet infrastructure units.

• Cryptocurrencies have started to ​gain mainstream prominence, benefiting ‌from the Trump administration's friendly stance on the asset class.

• ⁠BitGo went public earlier this year, raising about $213 million in its initial public offering. ⁠Founded in 2013, it is one of the ​largest crypto custody firms in the United States.

• Through its institutional trading unit, NYDIG focuses on ‌financing and derivatives, catering to institutional investors and family offices.

(Reporting ‌by Hannah Lang in New York, ⁠Utkarsh Shetti in ‌Bengaluru and Natalia ​Bueno Rebolledo in Mexico City; Editing by Vijay Kishore and Rashmi ‌Aich)

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