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Goldman Sachs reportedly eyes FTX alliance with regulatory and public itemizing help

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Goldman Sachs is reportedly pursuing an alliance with one of many prime cryptocurrency exchanges FTX.

The chief govt officer 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 Financial Times.

According to the report, the key factors of dialogue had been round mitigating regulatory compliance within the United States and Goldman Sachs provided to assist them, particularly with the Commodity Futures Trading Commission. Apart from regulatory help, the Wall Street financial institution additionally provided to assist with future funding rounds.

The newest report highlights the rising relationship between conventional Wall Street giants and rising crypto corporations. Goldman Sachs has additionally proven curiosity in serving to FTX with its public itemizing. However, folks acquainted with the matter claimed that Bankman Fried is presently on the lookout for extra non-public fundraising alternatives.

Related: FTX crypto trade wins license in Dubai to open native headquarters

FTX has racked up a valuation of $32 billion after three funding rounds ranging in tons of of thousands and 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 Street giants has come a great distance from its early days of Bitcoin bashing and presently seeking to take a pie in FTX, one of many largest crypto market corporations in the mean time.

Goldman Sachs and FTX didn’t reply to requests for feedback from Cointelegraph on the time of publishing.

The studies of an alliance between one of many largest wall avenue banks and one of many largest crypto exchanges come at a time when FTX had filed an utility with CFTC requesting to get rid of brokers akin to Wall Street banks within the monetary markets with its crypto futures merchandise.