Galaxy Digital, the cryptocurrency trading bank led by Mike Novogratz, has become a liquidity provider for Goldman Sachs in Bitcoin futures on the Chicago Mercantile Exchange, according to a press release.<\/p>\n
Overall, the collaboration envisions Galaxy Digital serving as Goldman Sachs’ agent in the cryptocurrency market across over-the-counter spot and futures trading, lending, and the creation of structured products.<\/p>\n
According to the press release, Galaxy Digital maintains strong relationships with a broad range of exchanges, custodians and financial institutions. This enables the cryptocurrency trading bank to provide liquidity at competitive prices.<\/p>\n
The firm led by Mike Novogratz acts as a market maker for 90 digital assets. Its trading partner network comprises 300 firms focused on institutional work.<\/p>\n
Co-Chairman Damien Vanderwilt told CNBC in an interview CNBC<\/a> that Goldman Sachs cannot directly trade Bitcoin because of strict banking regulation.<\/p>\n The executive attributed the initiative to strong client demand. The report came after Goldman Sachs strategists described cryptocurrencies “an unattractive investment”<\/a>.<\/p>\n In March, Chief Operating Officer John Waldron said<\/a> there was growing client interest in digital assets.<\/p>\n In May, Goldman Sachs launched<\/a> non-deliverable forwards on Bitcoin with settlement in fiat currency. The trading partner was Cumberland DRW.<\/p>\n In June, Bloomberg reported that Goldman Sachs plans to launch<\/a> trading of Ethereum-based futures and options.<\/p>\n Subscribe to ForkLog news on Telegram: ForkLog Feed<\/a> \u2014 full news feed, ForkLog<\/a> \u2014 the most important news, infographics and opinions<\/p>\n","protected":false},"excerpt":{"rendered":" Galaxy Digital, the cryptocurrency trading bank led by Mike Novogratz, has become a liquidity provider for Goldman Sachs in Bitcoin futures on the Chicago Mercantile Exchange, according to a press release.<\/p>\n","protected":false},"author":1,"featured_media":44601,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"1","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[18,1168,770,728,1156],"class_list":["post-44600","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-bitcoin","tag-crypto-derivatives","tag-galaxy-digital","tag-goldman-sachs","tag-institutional-investors-and-whales"],"aioseo_notices":[],"amp_enabled":true,"views":"20","promo_type":"1","layout_type":"1","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44600","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=44600"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44600\/revisions"}],"predecessor-version":[{"id":44602,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/44600\/revisions\/44602"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/44601"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=44600"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=44600"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=44600"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}