Goldman Sachs is reportedly looking to form an alliance with FTX, one of the most prominent cryptocurrency exchanges.
According to Financial Times, David Solomon, chief executive officer at Goldman Sachs, met with Sam Bankman Fried, founder of FTX, in March for a closed-door meeting to discuss different possibilities of working together.
According to the report the main points of discussion revolved around reducing regulatory compliance in the United States. Goldman Sachs offered assistance, particularly with regard to the Commodity Futures Trading Commission. The Wall Street bank offered future funding rounds as well as regulatory assistance.
This latest report shows the increasing relationship between established Wall Street giants, and emerging crypto companies. Goldman Sachs also expressed interest in helping FTX to go public. People familiar with the matter said that Bankman Fried was currently seeking private fundraising opportunities.
Related: FTX Crypto Exchange wins Dubai License to Open Local Headquarters
After three rounds of funding that totaled hundreds of millions of dollars, FTX now has a valuation of $32Billion. The crypto firm closed its last round of funding in January, a $400 million round. This round was also the smallest.
Like many Wall Street giants, Goldman Sachs has come a long ways since its early days of Bitcoin bashing. Currently, Goldman Sachs is looking to get a piece in FTX (one of the largest crypto market companies currently).
Cointelegraph did not reach out to Goldman Sachs or FTX for comment at the time this article was published.
Reports of an alliance between one the largest banks on Wall Street and one of crypto’s biggest exchanges occur at a moment when FTX filed a request with CFTC to remove brokers from the financial markets using its crypto futures products.