Galaxy Digital Holdings Ltd (“the Company”) has announced its newfound role as Goldman Sachs Group Inc’s (“the Bank”) liquidity provider for its Bitcoin futures block trades on CME Group Inc as the bank expands its cryptocurrency offering.
Goldman Sachs’ execution of its first cryptocurrency trades was a success and its bitcoin desk was officially set up last week, leading up to Galaxy becoming the bank’s additional liquidity provider. A few months ago, the bank announced its intention to re-enter the crypto market due to popular demand from institutional clients.
“Goldman’s trust in us validates our institutional expertise and the strength of what we’re building here at Galaxy. We are proud to be a strategic partner of Goldman and look forward to working with Max and his team to meet the increasing demand from institutions and pave the way to broader adoption of cryptocurrencies as an asset class,” said Damien Vanderwilt, Co-President and Head of Global Markets at Galaxy Digital.
Max Minton, Head of Digital Assets for Goldman Sachs’ Asia-Pacific Division, said “Our goal is to equip our clients with best execution pricing and secure access to the assets they want to trade. 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 to help fulfill this goal.”
Previously, Goldman’s Head of Digital Assets Matthew McDermott announced the bank’s plans to start offering Ethereum options and futures in the coming months.
Galaxy makes market in over 90 digital assets, while also focusing on the growing needs of its counterparties in the digital assets sector. The company currently works with more than 300 institutional trading counterparties. Over 100 new relationships have been added in Q1 2021 alone.