Goldman Sachs is reportedly in discussions to serve as an authorized participant for BlackRock and Grayscale’s proposed bitcoin exchange-traded funds (ETFs), pending SEC approval, Coindesk reported, citing unidentified sources.

This potential involvement signifies a significant shift for big U.S. banks traditionally steering clear of direct cryptocurrency engagement. The role of an authorized participant, who is responsible for creating and redeeming ETF shares to maintain synchronization with their underlying assets, is fundamental in the functioning of ETFs.

This move positions Goldman Sachs among several financial giants, including JPMorgan Chase, Jane Street, and Cantor Fitzgerald, planning to participate in the much-anticipated Bitcoin ETFs.

As the story unfolds, Goldman Sachs remains tight-lipped about its potential involvement, while BlackRock and Grayscale declined to comment. Nevertheless, the entry of financial titans like Goldman Sachs into the realm of bitcoin ETFs indicates an evolving landscape, potentially reshaping the future of cryptocurrency investments and regulatory dynamics.

Expect more updates as this story evolves.

This article was written by Jared Kirui at www.financemagnates.com.CryptoCurrencyRead More

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