Bitcoin finance meets Bitcoin tech as Galaxy Digital acquires BitGo

The cryptocurrency sector has its first $1B deal after Galaxy Digital (BRPHF) this morning announced an agreement to purchase BitGo for $1.2B in cash and stock.On the surface, the purchase adds BitGo's institutional custodial services and $40B+ of custodial assets under management, but Galaxy Digital founder and CEO Mike Novogratz - continuing to build out a full-service merchant bank for the cryptocurrency economy - tells Seeking Alpha the deal means far more than that.In banking, reminds Novogratz, it's all about the talent that goes up the elevator to the office each day, and the acquisition adds West Coast-based BitGo's blockchain development team to East Coast-based Galaxy Digital's finance-focused roster. Galaxy Digital, he says, will move from a company investing in and using blockchain infrastructure, to one that is developing blockchain infrastructure.Among sizable competitors in the custody/blockchain space are Coinbase (COIN), [[ICE]] subsidiary Bakkt , and Ross Stevens' NYDIG. And don't