{"id":129359,"date":"2021-06-18T20:03:42","date_gmt":"2021-06-18T20:03:42","guid":{"rendered":"https:\/\/precoinnews.com\/?p=129359"},"modified":"2021-06-18T20:03:42","modified_gmt":"2021-06-18T20:03:42","slug":"goldman-sachs-becomes-first-major-u-s-bank-to-begin-trading-bitcoin-whos-next","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/bitcoin\/goldman-sachs-becomes-first-major-u-s-bank-to-begin-trading-bitcoin-whos-next\/","title":{"rendered":"Goldman Sachs Becomes First Major U.S. Bank To Begin Trading Bitcoin – Who's Next?"},"content":{"rendered":"

Despite bitcoin\u2019s apparent lull after plunging over 30% from its historic high in May, institutional interest in bitcoin is still rising. United States investment bank Goldman Sachs has launched a bitcoin (BTC) futures trading product for its clients in partnership with Mike Novogratz\u2019s crypto merchant bank, Galaxy Digital.<\/p>\n

<\/p>\n

Goldman Sachs\u2019 Bitcoin Adventure<\/strong><\/h2>\n

Galaxy Digital will provide liquidity to the bank, according to a report by CNBC<\/em>. Liquidity providers, otherwise known as market makers, scoop up vast amounts of a given asset before selling them to the next interested party. This means that Goldman Sachs\u2019 clients can always purchase bitcoin regardless of the market conditions.<\/p>\n

Notably, this is the first the Wall Street giant has teamed up with a crypto-focused liquidity provider since reinstating its cryptocurrency trading desk in March after a three-year break. The bank is now set to offer the Chicago Mercantile (CME) Group Bitcoin Futures to its clients, marking an effort to expand its newly-reopened trading desk.<\/p>\n

Goldman Sachs Asia Pacific head of digital assets, Max Minton, observed that the bank is responding to demand from its clients:<\/p>\n

\u201cOur goal is to equip our clients with best-execution pricing and secure 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.\u201d<\/em><\/p>\n

Galaxy Digital co-president Damien Vanderwilt said the firm is providing a pathway to the cryptoverse, enabling a highly regulated banking institution like Goldman to offer crypto-based investment vehicles. Vanderwilt also noted that Goldman Sachs\u2019 move will likely encourage other major banks to give crypto a shot. And when more banks allow their institutional clients to trade bitcoin, the cryptocurrency\u2019s notorious volatility is bound to decrease.<\/p>\n

It’s worth mentioning that Goldman Sachs is also planning to offer ether (ETH) futures and options in the coming months.<\/p>\n

Despite the investment bank\u2019s latest move, not everyone at Goldman is sold on digital currencies. Just days ago, Goldman\u2019s Investment Strategy Group released a report titled \u201cDigital Assets: Beauty Is Not in The Eye of the Beholder\u201d<\/em> asserting that cryptocurrencies are not a \u201cviable investment\u201d<\/em> for its clients.<\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Despite bitcoin\u2019s apparent lull after plunging over<\/p>\n","protected":false},"author":3,"featured_media":129358,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47],"tags":[],"yoast_head":"\nGoldman Sachs Becomes First Major U.S. Bank To Begin Trading Bitcoin - Who's Next? - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/bitcoin\/goldman-sachs-becomes-first-major-u-s-bank-to-begin-trading-bitcoin-whos-next\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Goldman Sachs Becomes First Major U.S. Bank To Begin Trading Bitcoin - Who's Next? - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Despite bitcoin\u2019s apparent lull after plunging over\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/bitcoin\/goldman-sachs-becomes-first-major-u-s-bank-to-begin-trading-bitcoin-whos-next\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2021-06-18T20:03:42+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2021\/06\/Goldman-Sachs-Becomes-First-Major-U.S.-Bank-To-Begin-Trading-Bitcoin-Who039s-Next.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/bitcoin\/goldman-sachs-becomes-first-major-u-s-bank-to-begin-trading-bitcoin-whos-next\/\",\"url\":\"https:\/\/precoinnews.com\/bitcoin\/goldman-sachs-becomes-first-major-u-s-bank-to-begin-trading-bitcoin-whos-next\/\",\"name\":\"Goldman Sachs Becomes First Major U.S. Bank To Begin Trading Bitcoin - Who's Next? 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