Galaxy Digital Provides Sophisticated Liquidity Provision and Risk Management Capabilities
Galaxy Digital's Market Leading Sell Side Trading Desk Offers Goldman Sachs Spot & Derivative OTC Trading, Lending and Structured Products
NEW YORK, June 18, 2021 /CNW/ - Galaxy Digital Holdings Ltd. (TSX: GLXY) ("Galaxy Digital" or "the Company"), a financial services and investment management innovator in the digital asset, cryptocurrency, and blockchain technology sectors, today announced that it 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.
Galaxy Digital Holdings Ltd. Logo (CNW Group/Galaxy Digital Holdings Ltd.)
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.
About Galaxy Digital
Galaxy Digital (TSX: GLXY) is a diversified financial services and investment management company in the digital asset, cryptocurrency, and blockchain technology sectors. Galaxy Digital's team has extensive experience spanning investing, portfolio management, capital markets, venture capital, asset management, and blockchain technology. Galaxy Digital operates in the following businesses: Trading, Asset Management, Principal Investments, Investment Banking, and Mining. Galaxy Digital's CEO and Founder is Mike Novogratz. The Company is headquartered in New York City, with offices in Chicago, San Francisco, London, Amsterdam, Tokyo, Hong Kong, the Cayman Islands (registered office), and New Jersey. Additional information about the Company's businesses and products is available on www.galaxydigital.io.
About Goldman Sachs
The Goldman Sachs Group, Inc. is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments, and individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in all major financial centers around the world.
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SOURCE Galaxy Digital Holdings Ltd.