Goldman Sachs brings $100 billion Treasury fund into crypto’s institutional plumbing
In this news:
Key takeaways
- Lynq integrated Goldman Sachs' FTIXX Treasury fund onto its institutional network.
- The offering provides institutional clients a way to earn yield on cash between trades.
- Lynq operates on a private Avalanche Layer 1 blockchain with over $89 million in assets.
Connecting traditional finance and digital assets
“There’s a convergence now that you’re seeing between traditional market participants and digital asset market participants as well,” Lynq CEO Jerald David said in an interview with CoinDesk TV.
For firms using Lynq, FTIXX gives them somewhere to put cash between trades rather than leaving it sitting around. They can earn yield on the money and pull it out when they need it again.
That was a product Lynq's clients had been asking for, David said. The network works with firms including B2C2, Wintermute, Galaxy GLXY$23.23, FalconX, Crypto.com and Fireblocks, whose businesses can require moving large amounts of money between trades. They wanted another option for putting that cash to work in the meantime.
Meeting institutional demand and technical requirements
“We needed to demonstrate that there was client demand,” David said. “Our clients were looking for a treasury asset on the platform that may have had a different yield profile than the other instrument that’s on there right now.”
Getting FTIXX onto the network required some work. Lynq had to modify its technology, restrict access to U.S. clients and integrate with Mosaic, he said. Customers also need a relationship with tZERO Securities and must meet the required onboarding and eligibility checks.
Lynq itself runs on a private, permissioned Avalanche (AVAX) Layer 1 blockchain. Its network has more than 30 institutional digital-asset firms onboarded and more than $89 million in assets, according to the company.
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