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Galaxy Digital and Goldman Sachs have joined hands to work on Bitcoin Futures. Damien Vanderwilt, Co-President, Galaxy Digital announced that the company will be helping the American multinational investment bank in providing bitcoin futures products.
Goldman Sachs, the multinational investment bank from America has joined hands with Galaxy Digital. The bank has started trading CME group’s Bitcoin futures following a partnership with Mike Novogratz’s Galaxy Digital.
Galaxy Digital will support the liquidity provider to the bank. Goldman Sachs and other financial institutions are not sceptical of investing or dealing in crypto. They continue to dig deeper into the crypto circuit. This is evident from the fact that Goldman Sachs had launched a new Bitcoin derivatives product last week.
Supporting crypto
The launch was done after the bank had re-launched its crypto trading desk in March. The bank is fully endorsing cryptocurrency and is in full support of it at a time when others are hesitant to indulge themselves further in crypto.
Goldman Sachs is acting as a torchbearer for crypto and this has been proved by the bank’s intention to expand its offerings into Ether trading. The bank has made this announcement this month only.
Max Minton, Goldman’s Asia-Pacific Head of Digital Assets has informed that the bank’s move to start bitcoin futures trading is demanded by the client. The goal of the bank is to equip the clients with the best execution pricing and secure access to the assets they want to trade.
The bank is all elated to have a partner on board who is giving a wide variety of liquidity products and differentiated derivatives capabilities spanning the cryptocurrency ecosystem.
Not everyone support
However, there are others at Goldman Sachs who are not in favour of bitcoin future trading
They are not keen on the move taken by the investment bank. This has come as a surprise to all. The private health management arm of Golan Sachs has done research where they found that crypto is not a viable investment.
Acquisitions and holdings
Galaxy has made a very high profile move with the partnership with Goldman Sachs. The company has also made several other acquisitions in recent months. Galaxy Digital has also acquired strings of Digital-assets management firms. These are Vision Hill and BitGo. Galaxy bought Vision Hill for $1.2 billion in May.
Goldman Sachs has become the second major investment bank to close the deal with Galaxy Digital. Galaxy has also informed that Morgan Stanley has also started offering wealth-management clients access to some of its bitcoin funds in March.
Pro and against crypto
There has been an uproar in the market concerning cryptocurrencies and especially bitcoin as the prices of the token have been going down since Mid May. In one of the recent incidents, Jim Cramer, the host of CNBC’s Mad Money, has sold his bitcoin holdings amid speculation. While talking to an interviewer, he shared his view that BTC is not going up because of structural reasons. He has highlighted China’s renewed regulated clampdown to be the reason for losing his faith in bitcoin.
Many other nations like Russia, the U.S. and Canada have been making stringent laws against cryptocurrency and see that they are not the real currency to invest money in. They are making all efforts to help the people use either the fiat money or the digital issued and approved by the Central Banks.
On the contrary, there are countries like El Salvador that are embracing bitcoin and welcoming it to help the entrepreneurs, traders dealing in bitcoin to help them in whichever way they can. The nation is the first among many who have made bitcoin a legal tender and the people can use it in their day-to-day transactions.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
