Goldman Sachs has made a brand new Bitcoin trading product while partnering with Galaxy Digital, a digital asset merchant bank founded by Mike Novogratz.
CNBC reported that this is a first of it’s kind as no Wall street bank has ever teamed up with a digital asset-based provider until now. Damien Vanderwilt, a co-president of Galaxy Digital pointed out that this was a good opportunity for Goldman Sachs to widen it’s borders into the crypto domain.
In addition to expanding into Crypto trading, Goldman is also planning on providing CME Group Bitcoin and Ether futures for their clients.
Vanderbilt believes providing Bitcoin futures serve to attract other institutional investors into Crypto trading and this will in turn lessen the occurrence of inconsistency of prices.
He further stated that doing this will make wall street banks see that trading in Crypto is achievable.
Cointelegraph noted that there is growing interest in Crypto trading among Wall Street Banks with a number of them willing to begin trading.
Goldman’s digital assets in the Asia Pacific region is headed by Max Minton and he has expressed his enthusiasm about partnering with a firm that is well diversified and knowledgeable about Crypto trading.
Goldman futures are however, not yet sold on Bitcoin. Goldman’s head of Commodities believes trading in Bitcoin carries a degree of risk comparing it to having copper as an asset as opposed to gold which is less risky and safer.
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