Goldman Sachs Uses Crypto Management Company Galaxy Digital to Trade Bitcoin Futures

Damien Vanderwil, co-chairman of Galaxy Digital, announced today that his company has partnered with Goldman Sachs to help offer Bitcoin futures products. The partnership marks one of the first times a US multinational investment bank has partnered with a crypto asset service provider. Galaxy Serves as Goldman Counterparty in Bitcoin Futures Trading Goldman Sachs is trading bitcoin futures products with Galaxy Digital, according to statements made by Galaxy co-chairman Damien Vanderwilt during an interview with CNBC. Galaxy Digital is a financial services and investment management innovator founded by the company's CEO, Mike Novogratz. Vanderwilt explains that Goldman Sachs, a bank with $2.1 trillion in assets under management (AUM), may encourage other financial officers to do the same. "There's a whole dynamic that I've seen over and over in big banks: security in numbers," Vanderwil said. "When one bank does that, other banks will experience [fear of losing] and get on board because their customers want it." According to Vanderwil, Goldman is dependent on Galaxy because regulatory policies prevent the multinational investment bank from directly processing key crypto assets. Max Minton, Goldman's head of digital assets for the Asia-Pacific region, said at the time of the announcement that the bank had acquired customers with the assets they requested. “Our goal is to equip our clients with best practice prices and secure access to the assets they want to trade,” Minton said. In 2021, we are delighted to have found a partner with a wide range of liquidity venues and different derivatives capabilities spanning the cryptocurrency ecosystem, now including crypto.” As more institutional players join the fray, 'there will be less volatility' Minton and Vanderwil's statements follow the report, which says Goldman is poised to leave

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