NYDIG acquires Digital Assets Data as crypto M&A looks poised to pick up

Bitcoin custody and trading services provider NYDIG announced Monday that it has acquired crypto data firm Digital Assets Data ahead of a bigger push to expand its platform. 

NYDIG is not as well-known as some more retail facing exchanges like Coinbase or Kraken, but the firm counts more than $4 billion in assets under management and operates a business that spans prime brokerage, corporate treasury, and custody services, as per its website. NYDIG made headlines in December when insurance giant Mass Mutual said that it had invested $5 million in the company, and utilized NYDIG services to acquire $100 million worth of bitcoin for its general insurance account. 

Digital Assets Data has raised more than $9 million from venture investors, including Morgan Creek Digital, Digital Currency Group, and North Island. In 2020, the firm's co-founder and chief operating officer—Kurt Fenstermacher—departed the firm, according to his LinkedIn

As for the acquisition deal, NYDIG says it will help the firm expand its data capabilities, according to a press release. While the firm declined to share any financial details of the transaction, the firm told The Block that Digital Assets Data's platform will "broaden NYDIG's digital asset data capabilities to provide even better insights to the firm and its clients."

"As NYDIG's client base and the digital asset market rapidly expand, the addition of new high-quality data sources and analytical capabilities serve to enhance NYDIG's existing research, trading, and advisory capabilities," the firm said in a statement shared with The Block. 

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