In a recent report Goldman Sachs stated that they are ready to help hedge funds and other giant institutions interested in making strides in bitcoin.
Recently, Goldman Sachs has started trading bitcoin futures with Galaxy Digital which is a merchant bank founded by Mike Novogratz.
This trade marks the first time Goldman has used a digital asset firm as a partner since the investment bank offered crypto services.By becoming a major U.S. investment bank that started crypto trading Goldman essentially gave protection to other banks to invest in crypto.
Analysts see this as a positive sentiment because if some banks have started doing so then other banks will also FOMO, thus encouraging them to opt in to offering crypto investment services.
Max Minton digital asset manager for Goldman’s Asia Pacific region, in a statement said that by 2021 crypto alternative options are also available to customers and we are also pleased to be able to partner with other banks. Galaxy will act as a bridge connecting finance and crypto companies. It also serves as a liquidity provider for Goldman Sachs bitcoin futures block trading.
While there is resistance due to persistent skepticism towards Bitcoin, yet due to strong demand then it prompts banks to offer bitcoin derivative investments. At the same time, Goldman plans to introduce ethereum futures to customers.
