Following cooperation with Mike Novogratz’s Galaxy Digital, Goldman Sachs now provides bitcoin futures trading.
Goldman Sachs is the latest large bank to announce that it will offer cryptocurrency services. The business has announced that bitcoin futures trading is now available. The service is provided in collaboration with Galaxy Digital.
Mike Novogratz, a bitcoin maximalist, launched Galaxy Digital, which has grown into a crypto merchant bank.
As a result of client demand, one of the world’s largest banks has entered the crypto market. Galaxy co-president Damien Vanderwilt believes that Goldman Sachs‘ decision to provide crypto trading will open the way for more institutions to follow suit.
Vanderwilt went on to discuss more the potential extension to other banks, adding.
“Once one bank is out there doing this, the other banks will have a fear of missing out, and they’ll get on-boarded because their clients have been asking for it.”
Goldman Sachs will use Galaxy Digital as a liquidity source. Goldman Sachs Asia-head Pacific’s of digital assets, Max Minton, stated that the firm intends to provide customers with the greatest execution pricing and security access to the assets they wish 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,”Minton stated.
Other financial institutions are following suit
This week, Goldman Sachs isn’t the only bank selling crypto exposure. BBVA Switzerland has announced that its private clients will access bitcoin using the bank’s mobile app. Alfonso Gomez, the CEO of BBVA, has announced that the bank intends to extend its bitcoin offerings in the future.
Texas has also announced that state-chartered banks will be allowed to provide crypto custody services. Furthermore, banks are becoming increasingly interested in the continuous spread of Central Bank Digital Currencies, with China’s digital Yuan enjoying significant growth.