According to CNBC, Goldman Sachs has begun bitcoin futures trading in partnership with Mike Novogratz's crypto merchant bank Galaxy Digital.
The trades represent the first time that a traditional financial institution has used a digital assets firm as a counterparty, Galaxy co-president Damien Vanderwilt said. Galaxy Digital will serve as a liquidity provider to offer quotes for buy and sell orders on BTC features.
The actions of Goldman Sachs are affecting the dynamic of Wall Street. The investment bank strives to respond to the interests of the majority of clients who want to work with bitcoins. Vanderwilt, the former partner of Goldman Sachs, suggests that the bank’s steps in cryptocurrency trading are giving other financial organizations the green light.
The largest investment bank has begun trading digital assets despite deep scepticism towards bitcoin from its other divisions. Earlier, Goldman Sachs chief investment officer for wealth management called BTC a bubble that was not appropriate for investors.
On Monday, June 21st, Goldman Sachs released a report that concluded that cryptocurrencies were not a viable investment. The document questioned whether bitcoin could be a long-term store of value and an investment asset.
