The investment-banking division was launched in 2019.
It was courtesy of the Galaxy Digital.
The number of mergers and acquisitions in the space more than doubled in the year of 2021, according to a report from The Block Research.
The first billion-dollar deal in the sector was made in May by the company led by Mike Novogratz.
The deal contributed to an overall 131% spike up in M&A deals in the sector this year to a record 197 from the prior high-water mark of 85 set a year ago. The value of the transactions went up 730%.
The report said that the year was a defining one for the sector.
The most deals in the year were racked up by Coinbase. According to The Block Research, Coinbase has become the most aggressive participant in the M&A in the sector.
Companies are working to strengthen their footing in the larger $2.3 trillion market for cryptocurrencies. The market's valuation briefly reached $3 trillion this year for the first time, supported by a wave of institutional and retail investment.
Business Insider has an original article.
