Goldman Sachs Uses Crypto Management Firm Galaxy Digital To Swap Bitcoin Futures – Finance Bitcoin News

Galaxy Digital Co-President Damien Vanderwilt announced today that his company has partnered with Goldman Sachs to help provide Bitcoin futures products. The partnership is one of the first opportunities for an American multinational investment bank to work with a crypto asset service provider.

Galaxy serves as Goldman’s counterparty for trading Bitcoin futures

Goldman Sachs trades Bitcoin futures products with Galaxy Digital, according to Galaxy’s co-president Damien Vanderwilt in an interview with CNBC.

Galaxy Digital is an innovative financial services and investment management company founded by the company’s CEO, Mike Novogratz. Vanderwilt explains that Goldman Sachs, the bank with $ 2.1 trillion in assets under management (AUM), could lead other financial institutions to follow suit.

“There is a whole dynamic at the big banks that I have seen time and again: Security in numbers,” explained Vanderwilt in his discussion on the subject. “As soon as one bank does that, the other banks will have” [fear of missing out] and they are accepted because their customers have asked for it. “

According to Vanderwilt, Goldman depends on Galaxy because regulatory policies prevent the multinational investment bank from directly handling the leading crypto asset. Max Minton, Head of Digital Assets for Goldman’s Asia Pacific region, said during the announcement that the bank is sourcing customers with the assets they have requested.

“Our goal is to provide our clients with the best execution prices and secure access to the assets they want to trade,” noted Minton. “This will now include crypto in 2021, and we are pleased to have found a partner with a wide range of liquidity locations and differentiated derivative capabilities across the cryptocurrency ecosystem.”

The more institutional players join the fight, the less volatility there will be

The statements by Minton and Vanderwilt follow the report that Goldman is preparing to offer ether futures and options swaps. Back then, Goldman said that institutional adoption in the crypto space will continue.

In mid-April, Galaxy Digital announced that it had entered the Bitcoin Exchange Traded Fund (ETF) battle when it filed its Form S-1 registration with the U.S. Securities Exchange Commission (SEC).

Vanderwilt also said that volatility will grow less and less as more institutional actors join the crypto ecosystem.

“They are shifting market participants from north of 90% retail, a large proportion of whom have access to ridiculous amounts of leverage, to an institutional community with adequate, proven rules and regulations on leverage, assets – liability mismatch and risk,” Vanderwilt closed. “The more activity penetrates the institutional community, the less volatility there will be.”

What do you think of Goldman Sachs and Galaxy Digital’s partnership to offer Bitcoin futures customers? Let us know what you think on this matter in the comments below.

Tags in this story

Bitcoin futures, BTC futures, Damien Vanderwilt, Ether, Ether Futures, Galaxy Digital, Goldman, Goldman Sachs, institutional players, institutionalization, investment bank, Mike Novogratz, volatility

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