According to a CNBC report last week, American multinational investment bank Goldman Sachs (NYSE:GS) has begun trading CME Group’s Bitcoin futures following a partnership with Galaxy Digital.
As per the report, Mike Novogratz’s Galaxy Digital will act as the bank’s liquidity provider.
Goldman and other financial behemoths have continued to cast their nets deeper into the crypto waters. Last month, Goldman unveiled a new Bitcoin derivatives product. This came after the banking giant re-launched its crypto trading desk in March. Earlier this month, it also announced its intention to expand its offering into Ether trading.
Goldman’s move to start trading Bitcoin futures is in response to client demand, according to Max Minton, Goldman's Asia-Pacific head of digital assets. He noted:
Our 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.
The Goldman Sachs Investment Strategy Group should sign off its research pieces on crypto with "Have Fun Staying Poor". pic.twitter.com/TiedRBxWhI— Alex Krüger (@krugermacro) June 14, 2021