American investment bank Goldman Sachs is reportedly trying to bring some of its particular derivatives products into a US subsidiary of the FTX crypto exchange.
The Goldman Sachs Group, Inc. is an American multinational investment bank and financial services firm. Goldman Sachs is headquartered in New York City. This company is working to bring its traditional services closer to the cryptocurrencies, to step up with the trending investment assets.
According to reports, Goldman Sachs is working with FTX.US, which is a U.S. subsidiary of the international digital assets exchange FTX. FTX is currently seeking to offer Goldman Sachs’ brokerage services for its derivatives offerings. After successful intergation, it will allow the crypto exchange to handle the collateral and margin requirements internally rather than depending on “futures commission merchants” (FCMs).
Brett Harrison, president of FTX US exchange, also commented on this matter and hinted that a huge will come on the platform.
“We have multiple FCMs already committed to integrating technologically with the exchange. There are several large ones you can probably name.”
However, this initiative of FTX.US & Goldman Sachs is appreciable and it is expected that it will get a early mover advantage if successfully launched but here Commodities regulatory body of the US will play an important role.
It is expected that the CFTC agency will give regulatory approval to these two firms for the same service but chances still exist at equal points, where it may not give green light.
According to some people, knowing this matter, the integration of Goldman Sachs derivatives services with FTX exchange will offer “trading futures directly on the crypto exchange, which will introduce clients and act as an on-ramp to the exchange, or providing capital top-ups for clients.”
FTX exchange is currently standing at second rank in the crypto industry because of its highly secured services and better promotional strategy.
Read also: Binance to allocate $500M in Web3 development
Goldman Sachs seeks to onboard derivatives products into FTX.US
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https://bitcoinik.com/goldman-sachs-seeks-to-onboard-derivatives-products-into-ftx-us/feed/
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