Just-In: Goldman Sachs Becomes First Major US Bank to Trade Bitcoin Futures
As reporter by CNBC sources Goldman Sachs has started trading Bitcoin Futures in partnership with Mike Novogratz’s Galaxy Digital. The news is big as it opens doors to Bitcoin trading for major banking clients like hedge funds, pensions, family businesses etc.
How Will it Boost Institutional Adoption?
Banking support is very crucial for Bitcoin’s adoption as it provides various institutions a trusted mechanism to invest and trade. Not only this, investors will now be able to utilize derivative, arbitrage opportunities and bitcoin structured notes. According to Damien Vanderwilt, a formed Galaxy partner who joined Galaxy last year, said,
“The more activity that moves into the institutional community, the less volatility there will be.”
He believes that more and more institutional involvement will make Bitcoin less volatile and make is safer for retail investors. The step by Goldman is expected to be followed by all other major banks as clients demand bitcoin based investment options more than ever.
This marks the official beginning of Bitcoin on wall street as more & more institutions like hedge funds, Venture capitalist firms can take a position on Bitcoin. Goldman is relying on Galaxy digital as traditional banking industry is heavily regulated while Bitcoin is still in a grey area.
Recently, Coingape reported formation of a separate cryptocurrency team by Goldman Sachs in their employee memo. The particular choice of Digital Galaxy can be attributed to the fact that major high rank positions at Digital Galaxy are taken by ex-Goldman Sachs executives.
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