Crypto custodian BitGo acquires NYDIG's institutional trading unit

BitGo, one of the biggest players in crypto asset custody, announced the acquisition of NYDIG's institutional trading and financing business. The move is aimed at broadening BitGo's derivatives and lending product lineup for institutional clients such as banks, hedge funds and asset managers. The deal reflects a broader consolidation trend in the crypto market, where custodians and infrastructure providers are racing to offer a full suite of services. Rising interest from traditional financial institutions in bitcoin and other digital assets is fueling this kind of dealmaking. For retail investors, it's another sign that the crypto industry keeps institutionalizing and building out the kind of financial infrastructure typical of traditional markets.