Goldman CEO David Solomon met with Sam Bankman-Fried in the Caribbean last month to discuss advisory services for FTX, new report says

• Goldman Sachs CEO David Solomon and FTX founder Sam Bankman-Fried met in the Caribbean in March, the Financial Times reported.
• The Wall Street giant wants to advise the cryptocurrency exchange about its discussions with US regulators.

Goldman Sachs CEO David Solomon met with FTX founder Sam Bankman-Fried in March, the Financial Times reported, as the Wall Street banking giant tries to forge closer ties with the growing cryptocurrency exchange.

Goldman is trying to cement its role in advising FTX in its dealings with the Commodity Futures Trading Commission, the report said. They also discussed Goldman's position in a potential in ital public offering of the cryptocurrency exchange, though Bankman-Fried reportedly hasn't made up his mind yet on whether to go public.

Other topics included private fundraising options, collaboration on market making in crypto trades, and Goldman offering traditional banking services to FTX, sources told the FT. Wall Street has been reluctant thus far to open accounts for cryptocurrency exchanges given the stalling regulatory status of crypto and the potential for theft and financial crimes.

Goldman Sachs did not comment on the meeting to the FT. But it is the latest sign of Goldman's aggressive entrance into the cryptocurrency market.

The bank previously led the charge to counsel Coinbase in April 2021 for its Nasdaq listing. And Goldman was one of the first US banks to offer trading on bitcoin futures in 2018 before abandoning the project soon after. Goldman revived the effort in 2021, before bitcoin reached its all-time high of $69,000.

Meanwhile, FTX has rapidly emerged as a major player in the crypto industry and was valued at $32 billion in January. The exchange has grown to rival giants like Coinbase and has attracted funding from top investors like Japan's SoftBank and the Ontario Teachers' Pension Plan.