Just-In: Goldman Sachs Becomes First Major US Bank to Trade Bitcoin Futures

By Sunil Sharma
Published June 18, 2021 Updated June 18, 2021
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Just-In: Goldman Sachs Becomes First Major US Bank to Trade Bitcoin Futures

By Sunil Sharma
Published June 18, 2021 Updated June 18, 2021

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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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
287 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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