Celsius subsidiary GK8 integrates with Polygon while looking for new owner

Rick Steves

“This integration affords our customers more agility in managing their crypto assets, which is key to creating new revenue streams.”

Digital asset custody platform GK8 has integrated with Polygon, the blockchain development platform that leverages Ethereum’s ecosystem in what it claims to be a “more scalable, secure, and powerful manner”.

Polygon has over 37,000 dApps in production and is arguably an integral member of the Ethereum community. Polygon is the latest protocol to be integrated by GK8, which will provide . From this day forward, GK8 customers retain the agility and flexibility needed to seamlessly provide custody and services on top of Polygon blockchain and the $MATIC token.

Access staking, cold staking and DeFi protocols directly from GK8

Arjun Kalsy, VP of Growth at Polygon, commented: “We are excited to be integrated into GK8’s infrastructure. This integration gives GK8 customers added agility and the flexibility they need to manage the diversity of their portfolio, all without any additional R&D or integrations. Institutions can now access staking, cold staking and DeFi protocols directly from GK8’s digital asset custody solution. At Polygon we will continue to build our ecosystem and ensure that our builders have access to the best in class infrastructure.”

Lior Lamesh, CEO and Co-Founder of GK8, said: “We are happy to offer our customers ‘out of the box’ support for the Polygon’s layer-1 protocol, including Polygon’s layer-2 smart contracts, ERC20 tokens on top of Polygon, dApps, DeFi and $MATIC cold staking. Polygon is yet another example of GK8’s ‘out of the box’ support of EVM protocols. This integration affords our customers more agility in managing their crypto assets, which is key to creating new revenue streams.”

GK8 offers a “regulation-ready solution” that includes both a Cold Vault – “the only solution on the market that can create, sign, and send blockchain transactions without being connected to the internet” – as well as a patented MPC used for high-frequency automatic transactions.

The solution supports the tokenization of traditional assets, features general support of all Ethereum Virtual Machine-compatible layer-1 blockchains (such as Polygon), and grants users instant access to all layer-2 smart contracts on supported chains, the firm announced.

The platform says it has an arrangement with AON for customers to quickly and seamlessly access insurance of up to $750 million per Vault.

Bankrupt Celsius to sell GK8

GK8, which supports staking, NFT, and tokenization, is expected to change hands as its parent company, Celsius Network, sells its assets as part of its bankruptcy process.

Celsius acquired GK8 for $115 million in 2021 and has sought initial bids for its digital asset custody subsidiary GK8 Ltd. by August 15, according to court papers, which noted that potential bidders include “strategic parties, other companies in the cryptocurrency ecosystem, scaled fintech companies, and traditional financial institutions”.

Celsius Network has been under fire for claiming $750 million in insurance, $500 million of which through GK8 and its insurance policy with AON. An attorney defending investors has called those claims a sham because GK8 was never integrated into Celsius operations, according to Celsius CEO Alex Mashinsky.

Read this next

Digital Assets

BlackRock digs further into crypto with metaverse ETF

BlackRock, the world’s largest asset manager with almost $10 trillion in AUM, is set to launch a new metaverse ETF to help investors securely monetize on the booming immersive version of the internet.

Digital Assets

Binance wins license in New Zealand as rival Huobi shutters derivatives

Binance, the world’s largest crypto exchange by traded volume, has obtained licenses to operate in New Zealand, even after rival Huobi shutdown derivatives trading last month due to concerns about regulations.

Retail FX

Hong Kong busts perpetrators of ‘ramp and dump’ scam

Hong Kong’s financial watchdog, the Securities and Futures Commission (SFC), has charged thirteen suspects of market manipulation in a joint operation with the local police.

Institutional FX

TradingView integrates market data from German Tradegate exchange

TradingView announced that it ‎has increased data coverage to allow its users to receive information from ‎and get free access to the intra-day and tick data from Tradegate Exchange.

Retail FX

Spotware Systems introduces Custom Push Notifications for cTrader mobile apps

Spotware Systems, a technology provider for the electronic trading industry, is introducing a new push notification feature to alert mobile users of price swings and market fluctuations through their cTrader app.

Market News

The Week Ahead: 30 September from David Madden, Market Analyst at Equiti Group

Sterling dominated the headlines last week, as there were concerns the UK government might struggle to service its debt.

Inside View

How does the quality of signal providers affect your business?

A must-have onboarding process for brokers with investment services like PAMM, MAM, or copy trading

Technology

DBS deploys Nasdaq Trade Surveillance

“The confidence that markets and our clients have in DBS as a safe and trusted banking group is anchored on our ability to detect and respond to anomalous activity, which in turn calls for a robust surveillance and prevention infrastructure.”

Industry News

SEC charges Justin Costello and David Ferraro for securities fraud and posing as billionaire veteran

The Securities and Exchange Commission charged Cannabis executive Justin Costello and David Ferraro, an associate of Costello’s, for promoting the stock of several microcap companies on social media without disclosing their own simultaneous stock sales as market prices rose.

<