Digital asset infrastructure provider BitGo has acquired the institutional trading business and related assets of NYDIG, a US-based digital asset financial services firm. The financial terms of the deal have not been disclosed.

The acquired division of NYDIG provides asset managers, hedge funds, corporates, and family offices with derivatives, structured products, financing, and capital markets solutions.

Divesting this unit, NYDIG will be able to “focus its resources on its vertically integrated power generation, bitcoin mining, and high-performance computing (HPC) data centre development business”, according to a statement by BitGo.

Integrating the institutional trading firm into its ecosystem, BitGo says it is expanding its trading and capital markets services. By combining custody, trading, financing, settlement, and capital market services in a single place, BitGo claims it will “bolster and enhance the stickiness of client assets on platform (AOP)”.

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As part of the deal, BitGo has snapped up 30 NYDIG employees, as well as the fintech’s institutional client trading relationships.

The acquisition marks BitGo’s first major purchase since the company’s January IPO, in which the US-based fintech raised $212.8 million and achieved a valuation of $2.1 billion.

Founded in 2013, BitGo provides a range of crypto-based solutions, including custody, wallets, staking, trading, financing, stablecoins, and settlement services.

The firm has also featured in the news recently as its Korean subsidiary, BitGo Korea, secured a local Virtual Asset Service Provider (VASP) licence. Rather than entering the market via an acquisition, BitGo states it created domestically compliant security, anti-money laundering, internal control, and operational frameworks and is now focusing on serving institutional clients across the country.

The company currently maintains regulated entities in the US, Korea, Singapore, Europe, and Dubai.