Galaxy Digital Holdings Ltd.a financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sectors, will serve as Goldman Sachs Group Inc.’s (“Goldman Sachs” or “the Bank”) liquidity provider for its Bitcoin futures block trades on CME Group Inc. (“CME Group”) as the bank expands its cryptocurrency offering.
The addition of Galaxy as a liquidity provider follows Goldman Sachs’ successful execution of its first cryptocurrency trades and formalized set-up of its bitcoin desk last week, two months after the US bank announced that it would re-enter the cryptocurrency market amidst growing demand from institutional clients. “Goldman’s trust in us validates our institutional expertise and the strength of what we’re building here at Galaxy,” said Damien Vanderwilt, Co-President and Head of Global Markets at Galaxy Digital. “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.”
Galaxy Digital’s trading platform is positioned to offer clients access to deep and diverse liquidity on a principal basis on a variety of centralized exchanges and OTC markets. The Company maintains strong relationships with a broad range of spot and futures exchanges, digital asset exchanges and custodians, and fiat banking partners, which enables it to move capital and assets around securely and efficiently to provide competitively priced liquidity and achieve cross-market opportunities.
“Our goal is to equip our clients with best execution pricing and secure access to the assets they want to trade,” said Max Minton, Head of Digital Assets for Goldman Sachs’ Asia-Pacific Division. “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.”
Galaxy Digital Trading makes markets in over 90 digital assets, with a consistent focus on the expanding needs of its counterparties in the digital assets sector. Galaxy Digital works with over 300 institutional trading counterparties and added over 100 new relationships in Q1 2021 alone.