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- Goldman Sachs is aligning with clients by offering them exposure to Ether via Galaxy Digital’s Ethereum fund.
- An SEC filing revealed this recently, where Galaxy listed Goldman as a recipient of introduction fees paid for referring clients.
- Goldman employees like its Executive and senior Chairman are pretty inclined towards the crypto industry.
According to a new filing by the Securities and Exchange Commission (SEC), Goldman Sachs, the financial service giant, has been facilitating exposure to Ether (ETH) to its clients via Galaxy Digital’s Ethereum Fund.
Goldman Sachs’ clients keen on exposure to ETH were offered a space in the Galaxy’s ETH fund. And this approach became evident with the filing from Galaxy, which listed Goldman as a recipient of introduction fees that were paid for referring clients to the fund.
Mike Novogratz is the CEO of Galaxy Digital, which is a crypto-focused financial service provider. By the end of 2021, the company controlled $2.8 billion assets under management (AUM).
It was highlighted that the minimum investment an investor made was $250,000, although exactly how much the Goldman clients have purchased is not clear. The filing further cites that the Galaxy’s ETH fund has had over $50.5 million in sales since its initiation.
As a recipient of placement fees for referring the clients to Galaxy’s ETH funds, CAIS Capital, the independent wealth management firm, was also listed on the filing. The amount was not revealed.
Goldman Sachs has collaborated with Galaxy Digital earlier too, and the partnership still exists when it began offering Bitcoin (BTC) futures trading through the CME Group Bitcoin Futures while Galaxy Digital acts as a liquidity provider.
An inclination and interest towards Crypto industry:
Employees at Goldman Sachs are also becoming inclined towards the crypto industry. Late last month, Goldman executive Roger Barlett announced that he was leaving the traditional financial firm to join hands with the crypto exchange Coinbase.
Whereas Llyod Blankfein, Senior chairman at Goldman, recently Tweeted sharing his thoughts and curiosity on the crypto space currently. He opined that how crypto should have a moment right now given the fact that currently we are facing extremely high inflationary situations, and governments might freeze accounts and block payments. He further asked his 155k follower base if they think crypto would be having a moment right now.
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Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
