SnapBots News Review-Goldman Sachs partners with Galaxy Digital for bitcoin futures trading
Goldman Sachs has begun trading bitcoin futures with cryptocurrency merchant bank Galaxy Digital.
Goldman Sachs which had established a crypto trading desk last May has successfully executed its first cryptocurrency trades and formalized the setup of the bitcoin desk last week. Goldman will be offering CME Group Bitcoin futures for its clients.
This move is also much encouraging as US bank has also announced that it would re-enter the cryptocurrency market.
According to CNBC, the move marks the first time the Wall Street bank has partnered with a digital asset-based liquidity provider.
Galaxy Digital co-president Damien Vanderwilt said the company offered a gateway to the crypto space allowing a tightly regulated entity like Goldman to offer crypto-related investment products
Galaxy Digital which is a New York-based company was founded by Mike Novogratz and it works with over 300 institutional trading counterparties.
Goldman Sachs which was founded in 1869 is a leading global investment banking, securities, and investment management firm that provides a wide range of financial services across investment banking, securities, investment, management, and consumer banking.
Since cryptocurrencies are gaining worldwide popularity and more and more people have invested in the crypto market, growing demand from the client’s investment bank has carted the demand of the customer. With increasing pressure from clients many banks may enter the crypto market in the future.
Source : https://cointelegraph.com/news/goldman-sachs-to-offer-bitcoin-futures-trading-in-partnership-with-galaxy-digital?utm_content=buffer1c45c&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
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