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Algorithmic stablecoins need payments adoption to succeed, Goldman argues

For algorithmic stablecoins to have a long-term future they’ll need to find wider adoption for payments in the real economy, according to analysts at Goldman Sachs.  “Stablecoins have limited use as a payments medium at this time. If that real-world use case were to grow over time, it could create a more stable demand base for these assets,” the investment bank wrote in a research report dated Monday. “Hypothetically, an algorithmic stablecoin could survive in the long-run, if it were …

Goldman Sachs co-leads $70 million raise by Alan Howard’s Elwood Technologies

Elwood Technologies, a crypto firm owned by Alan Howard, this morning announced a $70 million Series A round co-led by Goldman Sachs and Dawn Capital. Elwood is a crypto-focused market access and trading platform serving fintech firms, asset managers and other institutional investors. It offers a range of services including connectivity with various trading venues through an API, execution and reporting and analytics. Howard set up Elwood in 2018. Its early work focused on building indices to offer investors exposure …

Goldman Sachs reportedly seeking closer ties with FTX crypto exchange

Quick Take The CEOs of both companies reportedly met in March to discuss possible avenues of collaboration. Goldman’s CEO is said to have discussed the Wall Street bank advising FTX on a number of issues. Goldman Sachs is reportedly looking to help crypto exchange giant FTX navigate its way through US regulations, among other concerns, according to a report by Financial Times on Thursday. People familiar with the matter cited by the publication said Goldman CEO David Solomon and FTX …

Blockchain security firm CertiK reaches $2 billion valuation

Blockchain security firm CertiK has reached a valuation of $2 billion in a new funding round, as a rise in crypto scams underlies the need for more security and protection. The firm has raised $88 million in a Series B3 round. Insight Partners, Tiger Global, and Advent International co-led the round, with Goldman Sachs, Sequoia Capital and Lightspeed Venture Partners also participating. The new funding round comes just three months after CertiK raised $80 million in a Series B2 funding …

Goldman Sachs to offer over-the-counter ETH options

Quick Take Goldman Sachs will roll out over-the-counter ETH options as part of the company’s continuing expansion into the crypto market. Last month, it launched an OTC Bitcoin options trading product.   Goldman Sachs is gearing up to offer over-the-counter (OTC) ether options trading following its first successful OTC crypto transaction last month, according to head of crypto trading Andrei Kazantsev, who made the comments during a Goldman client webinar seen by Bloomberg. Kazantsev didn’t offer a definite date for …

Crypto data firm Coin Metrics raises $35 million funding round

Coin Metrics announced Monday that it has raised $35 million in a new round of financing. The round was led by BNY Mellon and Acrew Capital, according to a press statement. Other participants in the round included Goldman Sachs — which led Coin Metrics’ $15 million round last spring — and Fidelity. Brevan Howard Digital, Cboe Global Market, Avon Ventures, JAM FINTOP Blockchain, Morningside Technology Ventures, Mubadala Investment Company, and Highland Capital Partners are among the firm’s new and existing …

Goldman Sachs survey shows 60% of surveyed clients expect to increase crypto holdings

A survey obtained by The Block from investment banking giant Goldman Sachs suggests that investors continue to be bullish about crypto.  The New York-based bank, which operates a digital assets desk, surveyed 172 clients on their attitudes towards digital assets. 60% of those surveyed expect to increase their digital asset holdings in the next one to two years. Of those expressing enthusiasm about crypto, 32% said that they expected to “significantly increase” their crypto holdings.  Meanwhile, 51% of its clients …

Digital Asset Banking: Traditional Allies

January 20, 2022, 1:52PM EST • 12 min read Quick Take Client demands push Wall Street investment banks to onboard new products to deliver cryptocurrency exposure BNY Mellon, Citi, J.P. Morgan, Morgan Stanley, Goldman Sachs, and Wells Fargo all have dedicated blockchain and digital asset divisions. The widespread increase in cryptocurrency popularity during 2021 led many banks to allow clients to engage in cryptocurrency investment   Join The Block Research for exclusive research like this Gain access to this research piece …