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Goldman Sachs partners with Galaxy Digital

2 min read

The US entrepreneur Mike Novogratz is now one of the most dazzling personalities in the crypto scene. The 57-year-old has succeeded with his company Galaxy Digital Holdings to build a kind of bridge between the old financial world and the new crypto and DeFi world. True to the motto “Once Goldman, always Goldman”, the ex-Goldman Sachs manager is of course well connected in the top floors of the largest financial institutions in the world. And these contacts are now benefiting him and his company Galaxy Digital.

Goldman Sachs takes over mediation

As from official SEC documents According to a report released on Tuesday, March 8th, the investment bank plans to partner with Galaxy Digital to enable its clients to invest in Ether (ETH). Goldman Sachs is said to have already brokered the Galaxy Digital ETH fund for some of its customers for a commission. This news is particularly significant when you consider that the investment hurdle is $250,000. The institutional financial world now has another investment vehicle available that can be used to invest in ether quickly and, above all, without great effort. The move towards Ether (ETH) should not really come as a surprise either. Just last year, Goldman Sachs predicted that ETH could replace BTC at the top of cryptocurrencies in the coming years.

Galaxy Digital, in any case, sees itself well positioned for a year that should see larger capital inflows from the institutional space. “More and more funds are considering crypto as a fifth asset class,” Robert Bogucki, co-head of global trading at Galaxy Digital, told the Wall Street Journal. Cryptocurrencies seem to have arrived in the big money world. However, it remains to be seen whether there will be a money glut in crypto this year.

Bullish CEO

The outbreak of the Russia-Ukraine war seems to have reinforced Novogratz’s bullish attitude towards BTC and Co. In an interview with the US news agency Bloomberg The former Goldman executive explained that while BTC is not a means for states to circumvent sanctions, the cryptocurrency would do exactly what it was created to do: to be used by people to prevent state control . However, the crypto enthusiast is skeptical as to whether BTC can actually be used as a means of payment. The 57-year-old had his skepticism in December 2021 in a conversation with the US news channel CNBC and emphasizes that he sees BTC much more as a digital store of value.

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All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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