Goldman Sachs is a Wall Street giant that has been in favor of digital assets for quite some time. The prominent investment banking company already provides the opportunity to its major clients of investing in digital assets of their choice.
As per reports, Goldman Sachs aims to expand its crypto-related services as the company now wants to offer over-the-counter bilateral crypto options.
The new services that the company aims to offer will open doors for a lot of opportunities for people interested in the crypto space. This also indicates the growing prominence and significance of digital assets, especially Bitcoin, despite the price fluctuations seen for it recently.
If you are also interested in stepping into the crypto space and investing in digital assets then make sure you choose one of the top crypto exchanges sites.
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Goldman Sachs Partnership and Stance Towards BTC
As mentioned earlier, Goldman Sachs has been interested in the crypto space for a while, more than its competitors. However, this interest grew even more after the company relaunched its crypto trading desk in March 2021.
Multiple moves have been made by the Wall Street giant to expand into the crypto sector to offer advanced crypto-related services to clients.
As per reports, it now plans to offer bilateral options and has partnered with Galaxy Digital. Galaxy Digital is an investment firm under Mike Novogratz and offers crypto-related services to other major names in the market.
The bilateral options offered by the company will enable BTC miners and clients who hold crypto-like hedge funds to customize their trades. This will help them boost yields or hedge risks.
Andrei Kazantsev, the global head of crypto trading at Goldman Sachs stated last year that the next step would be to develop an options market, considering there is a lot of demand for derivative-type hedging.
According to an SEC filing earlier in March, the Wall Street behemoth will also be offering crypto clients access to an Ethereum fund through Galaxy Digital. The Galaxy Institutional ETH fund was launched in March 2021 and has a minimum investment limit of $250,000.
As per the report:
“Goldman Sachs & Co. LLC will receive an introduction fee with respect to certain clients introduced to Issuer [Galaxy Digital].”
Goldman Sachs has also been quite optimistic about Bitcoin for over a year. An analyst from the firm also predicted that BTC has the potential to compete with gold as it already holds at least a 20% share of the store of value market.
The firm believes that if the market share rises to 50%, the price of the crypto king can reach $100,000.
What to Know as a Crypto Investor?
Despite the support Bitcoin and other digital assets receive, there are price fluctuations and volatility in the crypto space everyone is aware of. This is one of the reasons why many major banks in the world are skeptical about stepping into the crypto space. The unpredictability and lack of regulatory protection make it difficult for a lot of firms to dip their toes into the crypto space.
However, the prominence and utility of digital assets cannot be denied, which is increasing every day.
As per reports, the crypto regulatory situation is likely to improve in the USA soon, thanks to the new executive order by President Biden.
Therefore, if you are also looking to invest in crypto assets make sure you choose one of the crypto exchanges with the lowest fees.
People who are looking to buy digital currencies like Bitcoin or Ethereum can click on SwissBorg or Kraken (U.S. citizens).
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