Goldman Sachs is reportedly pursuing an alliance with one of many high cryptocurrency exchanges FTX.
The CEO of Goldman Sachs David Solomon reportedly met with Sam Bankman-Fried, the founding father of FTX in a closed-door assembly in March to debate varied prospects of working collectively, reported the Monetary Occasions.
Based on the report, the most important factors of debate had been round mitigating regulatory compliance in the US and Goldman Sachs supplied to assist them, particularly with the Commodity Futures Buying and selling Fee (CFTC). Aside from regulatory help, the Wall Avenue financial institution additionally supplied to assist with future funding rounds.
The newest report highlights the rising relationship between conventional Wall Avenue giants and rising crypto firms. Goldman Sachs has additionally proven curiosity in serving to FTX with its public itemizing. Nevertheless, individuals conversant in the matter claimed that Bankman Fried is at the moment searching for extra non-public fundraising alternatives.
Associated: FTX crypto alternate wins license in Dubai to open native headquarters
FTX has racked up a valuation of $32 billion after three funding rounds ranging in lots of of hundreds of thousands of {dollars}. The final funding spherical got here in the direction of the tip of January when the crypto agency closed a $400 million funding spherical, which can be the smallest of the three funding rounds.
Goldman Sachs, like many different Wall Avenue giants, has come a great distance from its early days of Bitcoin bashing and at the moment seeking to take a pie in FTX, one of many largest crypto market firms in the intervening time.
Goldman Sachs and FTX didn’t reply to requests for feedback from Cointelegraph on the time of publishing.
The experiences of an alliance between one of many largest wall avenue banks and one of many largest crypto exchanges come at a time when FTX haa filed an utility with CFTC requesting to eradicate brokers akin to Wall Avenue banks within the monetary markets with its crypto futures merchandise.
