Saturday, September 18, 2021
Trading Novogratz’s Galaxy Provides Liquidity on Goldman Bitcoin Futures

Novogratz’s Galaxy Provides Liquidity on Goldman Bitcoin Futures

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Galaxy Digital Holdings Ltd. will serve as a liquidity provider on Bitcoin futures for Goldman Sachs Group Inc. as the securities firm re-enters the cryptocurrency markets.

The digital-asset firm started by billionaire investor Michael Novogratz, a former Goldman partner, will provide futures block liquidity on CME Group Inc. for the Bitcoin cash-settled products, according to a statement. Liquidity providers typically make markets by agreeing to buy and sell assets at certain prices.

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Goldman is restarting its crypto trading desk to help clients such as hedge funds deal in publicly traded futures tied to Bitcoin. Earlier this week, Goldman said it plans to offer options and futures trading in Ether, the second largest cryptocurrency after Bitcoin.

“This is the first step in what will be a long journey together as they grow in crypto and as we expand in more traditional space,” Jason Urban, New York-based Galaxy’s global head of trading, said in an interview.

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