Goldman Sachs Is Now Trading Bitcoin Futures With Galaxy Digital

Goldman Sachs trades bitcoin futures blocks with Galaxy Digital as a liquidity provider, a major institutional BTC offering. Multinational investment bank Goldman Sachs now trades bitcoin futures blocks with Galaxy Digital Holdings as its liquidity provider, and also offers offers for buy and sell orders. “The transactions mark the first time Goldman has used a digital asset firm as a counterparty since the investment bank set up the cryptocurrency desk last month,” CNBC reported. “The moves by leading global investment bank Goldman could resonate on Wall Street and beyond as banks come under increasing pressure from customers seeking exposure to bitcoin. By being the first major US bank to start trading in cryptocurrencies, Goldman is essentially getting other banks to start doing the same. Galaxy was chosen as a partner for Goldman, likely due to the restrictions the banking industry faces when dealing directly with bitcoin. However, products such as bitcoin futures that are less directly tied to the underlying asset may be more acceptable at the regulatory level. Galaxy Digital co-president Damien Vanderwil frames the movement and growth of institutional bitcoin services in general as things that will be critical to bitcoin price in the long run. “You move from 90% retail market participants, many of whom have access to ridiculous amounts of leverage, to a corporate community with good, tried-and-true rules and regulations regarding leverage, asset-liability mismatch and more.” He told CNBC. “The more activity that enters the corporate community, the less volatility there will be.” Goldman has been relatively progressive in adopting bitcoin in recent months, announcing in March that it plans to offer bitcoin investment tools to its clients, in May it launched an investment round at bitcoin data provider Coin Metrics, and that same month announced its cryptocurrency trading team and offered bitcoin

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