May 26, 2022

Goldman Sachs is not new In order to test the crypto situation, institutional clients are demanding more access to the space.

Last week, Goldman became the first major US bank to trade an over-the-counter crypto option with Galaxy Digital, in what some market participants believe is a harbinger of broader institutional adoption of the digital asset.

“Crypto markets need large, reliable and trustworthy counterparties to expand the space,” a digital asset source at a major investment bank told gaming-updates. “Goldman and other Wall Street banks will eventually bring this up.”

The 153-year-old company is headquartered in New York, with offices around the world and $2.47 trillion in assets under surveillance. Galaxy Digital’s trading arm facilitated and executed transactions with an investment bank as an unreliable alternative to bitcoin.

This means the company will not directly trade or hold the underlying cryptocurrency, but will opt for a cash option, Tim Grant, head of Galaxy Europe, told gaming-updates.

“Trading on its own doesn’t make sense, but the fact that it happened and the ability to trade that risk is extremely important to Goldman Sachs, and this is just the beginning,” Grant said. “Once you get to that part, you are intellectually and operationally free to do other things. This is not a business in itself, it will allow us to move in many directions.”

Goldman did not provide additional information requested by gaming-updates prior to publication.

The company is not new to cryptocurrencies or bitcoin in particular. He first created a cryptocurrency trading department in 2018, but closed it for three years to resume operations in early 2021. The bank has since expanded further into the world of cryptocurrencies, allowing investors to trade bitcoin derivatives through Block Trades on CME Group in May 2021 and giving clients access to Ethereum through Galaxy Digital.

“Hope” [crypto] Opportunity to become more institutional in the coming months [and] Every investment bank will be doing this in the coming year,” said Kevin Kang, co-founder of Bitcoin Capital. “Cryptocurrency will be part of every bank’s offering and trading as a separate asset class.”

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