Banking behemoth Goldman Sachs has started trading CME Group's Bitcoin futures in partnership with Galaxy Digital, according to a June 18 CNBC report.
Mike Novogratz's cryptocurrency firm will act as the bank's liquidity provider.
As reported by U.Today, Goldman relaunched its cryptocurrency trading desk back in March. Earlier this month, it also announced its plan to expand into Ether trading.
Max Minton, Goldman's Asia-Pacific head of digital assets, says that the banking institution is responding to client demand:
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.
It's worth noting that Novogratz began his stellar career at Goldman Sachs back in 1989, which makes such a partnership a logical step for the billionaire crypto mogul.
Yet, not everyone at Goldman is welcoming Bitcoin with open arms. Its private wealth management arm recently released a research note, which concludes that crypto is not a viable investment.
@u.today##GoldmanSachs has joined forces with Galaxy Digital to expand ##Bitcoin futures trading ##crypto ##cryptonews ##btcnews
♬ original sound - U.Today
Denys Serhiichuk
Tomiwabold Olajide
Gamza Khanzadaev