Goldman Sachs Partnered With Galaxy Digital To Provide Bitcoin Futures

Goldman Sachs partnered with Galaxy Digital to become the liquidity provider for Bitcoin futures buy and sell orders on the CME group exchange so let’s read more in our latest bitcoin news today.

Goldman Sachs is expanding its investment into BTC more broadly but this shouldn’t surprise anyone too much by now. The top-tier investment and financial services company emphasized the quarter as the one way to get crypto services in full swing and this recent partnership announcement shows just that. As per a CNBC report, Goldman Sachs partnered with Galaxy Digital and its crypto merchant bank to have a liquidity provider for bitcoin futures buy and sell orders on the CME group derivatives exchange.

In a statement about the partnership, the head of digital assets for Goldman Sach’s Asia Pacific region Max Minton said:

“our goal is to equip our clients with best-execution pricing and secure access to the assets they want to trade. In 2021, this now includes crypto, and we are pleased to have found a partner with a broad range of liquidity venues and differentiated derivatives capabilities spanning the cryptocurrency ecosystem.”

The team at Galaxy Digital is optimistic looking forward as the co-president of Galaxy Damien Valnderwilt went on record and stated once the bank is out there and doing this, the other banks will have a FOMO and they will get on board because their clients are asking for it. Vanderwilt’s suggestion that other banks will follow is not out of question as well because there’s a whole another dynamic with the major banks.

Banks are quite timid when it comes to getting in but crypto derivatives have been speculative and were seen as a gateway for more financial services for the companies to get involved. This is because of the strict regulation which makes BTC hard to maneuver around in a traditional manner but more streamlined in the derivatives landscape. The partnership came less than a week after the reports that Goldman Sachs is planning to offer clients and the chance to trade options and futures in ETH. Furthermore, the news came a few months after the company resurrected the plans for four years and the trading desk came only last month.

Source: https://www.dcforecasts.com/bitcoin-news/goldman-sachs-partnered-with-galaxy-digital-to-provide-bitcoin-futures/