Home Cryptocurrency Goldman Sachs partners with crypto giant Galaxy Digital

Goldman Sachs partners with crypto giant Galaxy Digital

by Serge Shlykov

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On Wednesday, the Goldman Sachs CEO Lloyd Blankfein said he was a “big fan” of cryptocurrency. “I’m actually a big fan of crypto as a concept,” he said at an industry conference. “I’m not so much a fan of bitcoin.”

Galaxy Digital, a subsidiary of Samsung, has had a relatively quiet year in terms of its business activity. However, the firm has been quietly building up a portfolio of crypto assets from a number of major firms, including Goldman Sachs.

Although bitcoin is struggling to regain its momentum after losing widespread popularity, the market is not slowing down in terms of institutional acceptance and adoption. The last time we heard, major bank Goldman Sachs introduced bitcoin futures trading for its clients by partnering with Galaxy Digital to launch a new product.

According to a CNBC report, this is the first time a Wall Street bank has partnered with a cryptocurrency and blockchain-focused liquidity provider. Galaxy Digital, led by Mike Novogratz, is one of the giants in cryptocurrency investing, and this partnership marks an important step towards the adoption of cryptocurrencies for banking in the traditional sense. According to CNBC, Damien Vanderwilt, co-president of Galaxy Digital, said that the company provides a cryptocurrency gateway so that companies like Goldman can connect to cryptocurrency products without worrying about security. The President also sees this initiative as important for the industry and the indices:

There’s a whole dynamic that I’ve seen time and time again with the big banks: Safety in numbers. As soon as one bank starts doing this, the other banks will [be afraid to miss their chance] and will get going because their customers have asked for it.

Goldman Sachs offers customers the convenience of cryptocurrencies

According to Max Minton, head of digital assets at Goldman Asia Pacific, the bank aims to provide the best solution for investing in cryptocurrencies by offering a platform to trade in the most cost-effective and secure way. To provide more trading opportunities, the company believes cryptocurrencies should be a must-have feature, Minton said:

Our goal is to provide our clients with the best execution prices and secure access to the assets they wish to trade. In 2021, this includes cryptocurrencies, and we are pleased to have found a partner with a wide range of liquidity venues and differentiated derivatives capabilities that span the cryptocurrency ecosystem.

 

The post Goldman Sachs partners with crypto giant Galaxy Digital appeared first on Coin Insider.After the SEC had already rejected a proposed cryptocurrency ETF but before the SEC’s decision was made public, Goldman Sachs announced a partnership with Galaxy Digital, a crypto startup founded by former Goldman Sachs partner Michael Novogratz. The two firms will work together to create a “regulated and compliant digital asset platform”, which is expected to launch in the second half of 2019.. Read more about galaxy digital stock and let us know what you think.

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