Goldman Sachs
Goldman Sachs reportedly eyes FTX alliance with regulatory and public listing assistance
The reported discussion between the two CEOs of the company happened in March last month, at a time when FTX requested CFTC to eliminate the role of brokers in product offerings.
Goldman Sachs is reportedly pursuing an alliance with one of the top cryptocurrency exchanges FTX.
The chief executive officer of Goldman Sachs David Solomon reportedly met with Sam Bankman-Fried, the founder of FTX in a closed-door meeting in March to discuss various prospects of working together, reported Financial Times.
According to the report, the major points of discussion were around mitigating regulatory compliance in the United States and Goldman Sachs offered to help them, especially with the Commodity Futures Trading Commission. Apart from regulatory assistance, the Wall Street bank also offered to help with future funding rounds.
The latest report highlights the growing relationship between traditional Wall Street giants and emerging crypto companies. Goldman Sachs has also shown interest in helping FTX with its public listing. However, people familiar with the matter claimed that Bankman Fried is currently looking for more private fundraising opportunities.
Related: FTX crypto exchange wins license in Dubai to open local headquarters
FTX has racked up a valuation of $32 billion after three funding rounds ranging in hundreds of millions of dollars. The last funding round came towards the end of January when the crypto firm closed a $400 million funding round, which is also the smallest of the three funding rounds.
Goldman Sachs like many other Wall Street giants has come a long way from its early days of Bitcoin bashing and currently looking to take a pie in FTX, one of the biggest crypto market companies at the moment.
Goldman Sachs and FTX didn’t respond to requests for comments from Cointelegraph at the time of publishing.
The reports of an alliance between one of the biggest wall street banks and one of the largest crypto exchanges come at a time when FTX had filed an application with CFTC requesting to eliminate brokers such as Wall Street banks in the financial markets with its crypto futures products.
Report: Fed’s Secret Repo Loans to Megabanks in 2020 Eclipsed 2008 Bailouts, Data Dump Shows $48 Trillion in Stealth Funding
Following the controversial bank bailouts and Troubled Asset Relief Program (TARP) in 2008, reports show in late 2019 and 2020, the U.S. Federal Reserve participated in providing trillions of dollars in secret repo loans to megabanks. At the end of March, investigative journalists, Pam and Russ Martens from Wall Street on Parade, uncovered $3.84 trillion […]Web3 Security Firm Certik Raises $88 Million in Series B3 Financing Round Led by Tiger Global and Others
Certik, a Web3 and blockchain auditing and security firm, has raised $88 million in its recent B3 funding round. The round, which was led by Tiger Global and included Goldman Sachs as an investor in the firm, gives the company a valuation of $2 billion. This doubles the valuation that Certik reached via its last […]Goldman Sachs to Trade OTC Ethereum Options
Goldman Sachs Gearing Up To Offer ‘Full Spectrum’ of Bitcoin (BTC) and Crypto Investment Services to Wealthy Clients: Report
Banking giant Goldman Sachs is reportedly looking to offer crypto investment services to its deep-pocketed clients in the coming months. According to a new report by CNBC, the investment bank soon plans to add support for Bitcoin (BTC) and a “full spectrum” of other crypto assets due to high demand from its high-net-worth customers. Says […]
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Goldman Sachs Features Cryptocurrencies, Metaverse, Digitalization on Its Homepage
Global investment bank Goldman Sachs has changed its homepage to feature cryptocurrency, the metaverse, and digitalization. “From cryptocurrencies to the metaverse, explore the megatrends that are reshaping economies,” Goldman Sachs’ landing page now says. Goldman Sachs’ Homepage Now Features Crypto and Metaverse Goldman Sachs has updated its homepage to feature digitalization, including cryptocurrencies and the […]Crypto rallies to $2T market cap as institutions signal readiness to enter
Goldman Sachs revamped its website’s homepage to reflect newfound bullishness toward crypto and blockchain technology.
Bitcoin (BTC) and the broader cryptocurrency market rallied on Thursday, as the total value of digital assets crossed $2 trillion for the first time in over three weeks amid signs of a clear shift in market sentiment — headlined by Goldman Sachs, no less.
BTC printed an intraday high of $44,253, having gained more than 3% during the session, according to data from Cointelegraph Markets Pro and TradingView. The largest cryptocurrency by market capitalization has now recovered over 33% from its January low.
The total crypto market cap has gained over 7% since Monday to reach nearly $2.1 trillion, according to Coingecko data. The market capitalization figure also reached $2 trillion on CoinMarketCap.
While not bullish, Bitcoin’s Fear & Greed Index has escaped “extreme fear” and is now in the “fear” stage with a reading of 40. The volatility and sentiment indicator is based on a scale of 0 to 100 with higher readings corresponding to a more bullish outlook for BTC.
The crypto market’s apparent shift in sentiment follows months of downward price action for Bitcoin and altcoins, which led some investors to speculate about the possibility of a full-fledged bear market. Amid geopolitical unrest, however, members of the legacy finance community have identified crypto as a potential opportunity.
As Cointelegraph reported, BlackRock CEO Larry Fink said the war in Ukraine could force nations to reevaluate their currency dependencies, potentially paving the way for digital assets. Specifically, the BlackRock CEO touted digital assets as a viable tool for international settlements and transactions.
Crypto has been on Fink’s radar since at least the fourth quarter of 2020.
Meanwhile, multinational investment bank Goldman Sachs appears to have put crypto on its radar and even redesigned its website’s homepage to reflect the growth of digital assets and the metaverse. Referring to these technologies as “megatrends,” Goldman populated a new “Insights” section of its website with previously released reports on gaming, the metaverse and Web3.
Goldman Sachs recently completed its first over-the-counter crypto options trade with Galaxy Digital. The investment bank first launched its Bitcoin futures product for CME in June 2021.
Related: US investment bank Cowen launches dedicated crypto division
Finally, Grayscale Investments recently announced the launch of a new smart contract fund that allows accredited investors to back Ethereum competitors. The new fund, which has already opened for daily subscriptions, provides exposure to Cardano (ADA), Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Polygon (MATIC), Algorand (ALGO) and Stellar (XLM).
Billionaire Hedge Fund Veteran Anthony Scaramucci Warns Against Short Selling Coinbase Stock (COIN) – Here’s Why
SkyBridge Capital founder Anthony Scaramucci says he disagrees with a fellow hedge fund manager’s skepticism toward America’s largest cryptocurrency marketplace. In a new interview with CNBC Overtime, Scaramucci says that Kynikos Associates founder Jim Chanos is viewing Coinbase as if it were a brokerage stock, rather than a leader within an industry that still has […]
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Goldman Sachs Executes Bank’s First OTC Crypto Transaction Trading a Bitcoin Non-Deliverable Option
On Monday, the multinational investment bank and financial services company Goldman Sachs disclosed it has conducted an over-the-counter (OTC) crypto transaction with the digital currency firm Galaxy Digital. Following the OTC settlement, the head of digital assets for Goldman Sachs’ Asia Pacific unit, Max Minton, said the firm was pleased to have executed the bank’s […]