Goldman Sachs now offers bitcoin futures trading following its partnership with Mike Novogratz’s Galaxy Digital.
Goldman Sachs becomes yet another major bank that will be offering crypto services. The company has announced that it is now offering bitcoin futures trading. The service is being offered in partnership with Galaxy Digital.
Galaxy Digital has grown into a crypto merchant bank founded by bitcoin maximalist Mike Novogratz.
The move sees one of the biggest banks in the world move into the crypto space due to client demand. As the first major U.S. bank to offer crypto trading, Galaxy co-president Damien Vanderwilt believes the move will pave the way for more banks to follow Goldman Sachs.
Vanderwilt commented further on the possible expansion to other banks, saying “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.”
Galaxy Digital will operate as a liquidity provider to Goldman Sachs. With Max Minton, head of digital assets for Goldman Sachs Asia-Pacific stating that the company wants to offer clients the best-execution pricing and security 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” Minton stated.
Other banks following
Goldman Sachs is not the only bank offering crypto exposure this week. BBVA Switzerland has announced that it will be offering its private clients access to bitcoin via the bank’s mobile app. CEO of BBVA Alfonso Gomez also stated that the bank plans on expanding its cryptocurrency offering in the future.
The state of Texas also confirmed that it would be authorizing state-chartered banks to offer crypto custody services. Furthermore, the continued expansion surrounding Central Bank Digital Currencies continues to be a growing area of interest for banks, with China seeing rapid expansion with its digital Yuan.