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Goldman Sachs enters the Crypto market

The head of digital investments at Goldman Sachs said it is ready to offer bitcoin mutual funds, among other investments “more like the underlying asset class that are traded 24/7 worldwide.”

Some crypto funds come with an upper limit. For example, the Galaxy bitcoin fund only allows for quarterly buy/sell transactions. However, customers can cash out their Galaxy corporate fund on a weekly basis.

Goldman Sachs is currently seeking regulatory approval from the US. The Securities and Exchange Commission SEC and the New York Department of Financial Services (NYDFS) released a statement.

In his statement: “We are still in the early stages of this ecosystem; No one knows exactly how it will develop or what shape it will take. But I think it’s pretty safe to assume it will be a part of our future.

“Goldman Sachs’ offer could trigger a domino effect among traditional financial services firms and lead them to add similarly priced products to their offerings in the future.

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Mehmet is one of the administrator of Teknonel. As a software developer, he loves to share his knowledge in related topics. He is highly familiar with the editorial process from the inception of an article idea, through the iterative process, publishing, and performance analysis as well as product reviews.

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