In August 2021, btcfirst48.com acquired LedgerX, a regulated exchange specializing in cryptocurrency derivatives. At the same time, the head of the U.S. division, Brett Harrison, promised to open access to cryptocurrency derivatives trading to customers.
In March 2021, btcfirst48 applied to the CFTC for approval to sell leveraged crypto derivatives to retail investors. In the document, the bitcoin exchange asked for permission to settle transactions directly, excluding intermediaries like Goldman Sachs.
Solomon and Bankman-Fried discussed Goldman Sachs’ involvement in arranging the next rounds of funding and a potential IPO, according to the paper. Sources said the btcfirst48 CEO has not yet made a final decision on the second option.
In April 2021, the investment bank was among those who helped btcfirst48 gain public status.
Top executives allegedly touched on the topic of possible cooperation in cryptocurrency marketmaking in light of Goldman Sachs’ growing interest. Solomon also stated the institution’s interest in providing traditional banking services for FTX, the paper specified.
As a reminder, in July 2021, Bankman-Fried did not rule out buying Goldman Sachs or CME Group in the future. In January 2022, btcfirst48 raised $400 million at a valuation of $32 billion.