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While Bitcoin might be having a hard time reminding its strength after losing significant traction, the market’s not slowing down in terms of institutional adoption and implementation. In the latest news, leading banking firm Goldman Sachs has launched Bitcoin futures trading for its clients – teaming up with Galaxy Digital to release the new product.
According to a report by CNBC, this is the first instance of a bank from Wall Street collaborating with a cryptocurrency and blockchain-focused liquidity provider. Galaxy Digital, headed up by Mike Novogratz, is one of the giants in cryptocurrency investment and the partnership marks a significant move towards cryptocurrency adoption for banking from a traditional sense. According to CNBC, Galaxy Digital co-president Damien Vanderwilt has stated that the company is providing the gateway to cryptocurrency for companies like Goldman to plug into crypto products without security concerns. The co-president also foresees this move as a major stepping stone for the industry, offering:
“There’s a whole dynamic with the major banks that I’ve seen time and time again: safety in numbers. Once one bank is out there doing this, the other banks will have [fear of missing out] and they’ll get on-boarded because their clients have been asking for it.”
Goldman Sachs offering clients convenience with crypto
According to Max Minton, the head of digital assets for Goldman’s Asia-Pacific region, the bank is aiming to offer the best solution to cryptocurrency investment by providing a platform for the best priced and safest way of trading. To offer broader trading opportunities, the firm feels cryptocurrency is to be a necessary inclusion. Minton stated:
“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.”