Goldman Sachs is now offering bitcoin futures trading following the announcement of an agreement with Galaxy Digital, the crypto merchant bank founded by Mike Novogratz.
The move is the first into the crypto space by a major US bank. Galaxy co-president Damien Vanderwilt believes other banks will now follow Goldman’s lead.
“Once one bank is out there doing this, the other banks will have fear of missing out, and they’ll get on-boarded because their clients have been asking for it.” said Vanderwilt.
Demand for crypto exposure has been growing on Wall Street, and a number of banks have recently announced plans to open trading desks for the asset class.
Max Minton, head of digital assets for Goldman Sachs in the Asia-Pacific region, confirmed the move was driven by demand. He said the bank always aimed to provide access to clients’ preferred assets.
“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.” he added.
Goldman’s moves into the cryptocurrency realm come despite some within the firm clearly not being sold on the asset class as a viable option. Earlier this year Sharmin Mossavar-Rahmani, Goldman’s chief investment officer, described bitcoin as a ‘bubble’.