Not so long ago, the concept of trading cryptocurrency was still relatively novel and new. People weren’t sure whether cryptocurrency would really deliver value to their trading portfolio, or whether it was just another trend. Today, as the traditional financial landscape becomes increasingly complex, and customers look for different ways of managing their cash, cryptocurrency is gaining popularity.
In June of 2021, the Goldman Sachs group began trading futures in Bitcoin through the Galaxy Digital Network. This marked an important step forward in the acceptance of Bitcoin as a solution for the trading environment. The Goldman Sachs and Galaxy groups working together paved the way for banking institutions to further embrace the landscape.
The decision for Galaxy and Goldman Sachs to work together came from a rapidly growing volume of demand from institutional clients. In March of 2021, the Goldman Sachs team decided to re-open the crypto trading desk environment after three years of no longer providing it to customers. The desk is currently a part of the Global Markets US division for the bank.
The co-president of Galaxy commented on the partnership, stating that this is the first time that the Goldman brand has employed a digital assets company for their counterparty since the bank launched the bitcoin desk this year. The recent moves will have a major impact on the trading environment within Wall Street beyond, as banks continue to face more pressure for clients looking into cryptocurrency options.
With this new partnership, Goldman is helping to draw attention to how commonplace, accessible, and desirable the market is becoming. Additionally, Goldman is also providing other banks with the go-ahead they need to start supporting cryptocurrency trading. As the initial largest US bank to make this step forward, Goldman is paving the way for more groups to follow suit, or risk falling behind as the marketplace continues to evolve.
According to experts in the financial, banking, and trading space, there’s a specific dynamic which seems to be evident more often in the banking environment. A lot of banks follow the idea that safety is often achievable in numbers. This means that a lot of banks often struggle to make the initial transition into a new era or technology landscape. However, as one group jumps in and takes the plunge, other banks will develop more confidence.
Now that Goldman has taken the first step, it will only be a matter of time until a slew of other major banks continues to follow in their footsteps. Indeed, a lot of other banks will also be dealing with the fear of missing out on opportunities to leverage market demand. These banks will begin to embrace cryptocurrency to avoid losing their clients.
The Era of Crypto Trading is Here
For years, we’ve been seeing a slow increase in the number of people willing to embrace cryptocurrency. Not only has there been an increase in trading options and coin types out there, but we’ve also seen more companies taking payments in cryptocurrencies, and more wallet options opening up for customers. According to many sources, Goldman Sachs is the first major bank in the US to actively invest in trading cryptocurrencies like Bitcoin.
Many fiat banking institutions see Bitcoin and similar options as a kind of financial bubble. However, these currencies have now been in place for more than a decade, and some groups are beginning to recognize that this new offering is more than just a fad. The new arrival of the Goldman Galaxy Cooperation means consumers will put pressure on banks to expose their customers to more options for cryptocurrency trading options. Banking organizations, more than ever, will need to take new steps to remain profitable and competitive. The biggest organizations will have no choice but to embrace all kinds of opportunities as Bitcoin becomes a more accessible solution.
Exploring New Trading and Investment Options
As more financial institutions continue to back digital currencies, global acceptance will continue to intensify. This could mean that we begin to see more cryptocurrency in all corners of the market, and in all kinds of diversified trading portfolios. This could be the ideal time for investors thinking of new ways to expand and update their portfolio to begin looking into crypto. Now especially, the market for this kind of digital currency is growing at an incredible rate. If you’re ready to invest in cryptocurrency, make sure you do your research into the kind of currencies currently available in your landscape, and the unique benefits they have to offer.