Image Credits: Getty Images

Galaxy and Goldman Sachs join hands for bitcoin trading

Image Credits: Getty Images

The popularity and demand of cryptocurrency are touching the sky this year and gaining the attention of all the crypto investors across the world. Especially the Institutional Investors are keen to invest in the crypto and hence the financial institutions are stepping ahead to serve their clients with the crypto services. Following the wave, Gold Sachs, the popular multinational investment bank in America, structured a bitcoin desk last week looking at the growing demand of bitcoin trading by the institutional investors as recently, the US bank announced its re-entry into the crypto market.

After the desk set up, Goldman Sachs joined hands with Galaxy Digital, which will now act as a liquidity provider for the bank. Galaxy Digital is a digital-asset firm founded by the former Goldman Partner, Michael Novogratz. The role of the galaxy in bitcoin futures trading is to make markets with the buy and sell of assets at a certain price. With this recent expansion, the multinational bank is planning to trade in Ether soon which is one of the largest cryptocurrencies in the world.

The very first crypto trading is successfully executed by Goldman Sachs with Galaxy as a liquidity provider. Galaxy is currently serving more than 300 institutional trading firms with its services. This is the very first time that Goldman Sachs partnered with a digital-asset firm. Partnership with Galaxy Digital was very important as it was not possible for the bank to manage the bitcoin trading directly because of the strict regulations. The current moves of Goldman are the sign that the bank doesn’t want to trail behind any other institution with crypto services. The bank also stated that the goal of the investment bank is to serve the clients with secure access of the digital assets that they want to trade.

Goldman Sachs is very enthusiastic about the new partnership and mentioned that finding a partner with a broad range of liquidity in the crypto industry is the cherry on the cake. After the first trading experience with Galaxy digital, the global head of Galaxy stated that this will be a long journey together and this is just the first step. Despite the warm welcome of crypto trading by the multinational bank, not all the arms of the bank are supportive of the decision. The Private wealth management arm of Goldman Sachs published a research note saying Crypto is not a successful investment recently.