Goldman Sachs opens up $100B Treasury fund to crypto firms

00:00 Speaker A

We have another story from another major institution, and that is Goldman giving institutions somewhere to park their cash. Here's the story. Goldman Sachs brings 100 billion Treasury fund into crypto's institutional plumbing.

00:11 Speaker A

The bank is bringing its roughly $100 billion Treasury fund to institutional crypto firms without creating a tokenized version of it. That's important. So,

00:20 Speaker A

Goldman Sachs is making its FTXX Treasury fund available through links.

00:26 Speaker A

A settlement network used by institutional digital asset companies. How do you call something FTXX when it's so close to FTX?

00:32 Speaker A

Don't call things FTs and X's. Gives us PTSD.

00:37 Speaker A

Sam Bankman Fried's probably running this. It's not true. He's in jail.

00:40 Speaker A

Forever. Almost forever.

00:42 Speaker A

For long enough that it feels like forever.

00:45 Speaker A

But not forever.

00:46 Speaker A

So, they have FTXX has 100 billion in assets. Like I said, this is not tokenized. What it's actually doing is allowing crypto companies, Galaxy, Wintermute, Falcon X, crypto.com and Fireblocks

00:56 Speaker A

to basically sweep their money that they're holding between trades and put it in there to earn a yield. So, this is just another blend between TradFi and the crypto industry, but it is not tokenized like BlackRock's BUiDL,

01:06 Speaker A

or like Franklin Templeton's Benji. This is another novel approach

01:10 Speaker A

where crypto people can use TradFi rails to do something that has existed forever in TradFi on that TradFi, that's basically to earn a yield passively while your money is sitting. Goldman Sachs. I mean, I never thought that we would have these kind of names in crypto.

01:26 Speaker A

But here we are.