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Mike Novogratz’s merchant bank is ramping up its involvement with Wall Street's biggest names.
Billionaire crypto financier Mike Novogratz’s Galaxy Digital has agreed to provide liquidity to Goldman Sachs for the bank’s bitcoin (BTC, -3.95%) futures trades.
Under growing demand from institutional clients, in March Goldman Sachs reopened its crypto trading desk after a three-year hiatus. The desk is part of the bank’s U.S. Global Markets division.
Galaxy Digital will provide liquidity, or act as a market maker, for block trades on CME Group, Galaxy said in a statement on its website.
The partnership with Goldman Sachs is one of several high-profile moves Galaxy has made in recent months, including a string of acquisitions of digital-asset management firms. The acquisitions include Vision Hill and BitGo, the latter of which Galaxy bought for $1.2 billion in May. Goldman joins Morgan Stanley in a deal with Galaxy Digital. In March, Galaxy said Morgan Stanley had begun offering wealth-management clients access to some of its bitcoin funds.
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