Goldman Sachs continues to move towards adopting cryptocurrencies and offering crypto products to its clients. The bank’s most recent move towards achieving this is its partnership with Mike Novogratz’s Galaxy Digital, which will allow the company to start offering Bitcoin futures. This is the first time that the Wall Street bank entered into a partnership with a liquidity provider for digital assets.
According to Damien Vanderwilt, the co-president of Galaxy Digital, the firm will be able to offer a gateway into the cryptocurrency industry, and allow the bank to start offering crypto-based investment products.
Goldman Sachs’ head of digital assets for the Asia-Pacific region, Max Minton, said that the decision to bring Bitcoin futures came in order for the bank to provide assets that its clients are actually interested in. In 2021, that now includes crypto, as Minton noted.
Cryptocurrency starts conquering Wall Street
Of course, this is not the first time that Goldman made a move to adopt crypto. Previously, the bank established a crypto trading desk, and soon after that, it made an announcement about debuting ETH options and futures contracts.
Vanderwilt now expects that the move will bring even more institutional investors into the crypto industry. Galaxy Digital theorized that doing so might help improve crypto price stability and reduce volatility. Not only that, but Goldman’s move might even encourage other major Wall Street companies and banks to follow in its footsteps and start using cryptocurrencies to attract new clients and make more money.
Of course, the demand for crypto on Wall Street already exists, and Goldman will be only the first bank to start working with digital currencies. There are already several banks that are more than just interested — they actually already announced plans to bring their own trading desks.
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