Global investment bank Goldman Sachs has brought back its bitcoin trading desk and will begin processing bitcoin futures next week. The company is also reportedly investigating the potential of a Bitcoin Exchange Traded Fund (ETF) and planning to provide a crypto custody service.
- Goldman Sachs Group Inc. has restarted its cryptocurrency trading desk, Reuters reported Monday, citing a person familiar with the matter. Goldman first set up a cryptocurrency counter in 2018 after the price of Bitcoin fell from a record high and dampened investor interest in the cryptocurrency.
- The desk will “begin trading Bitcoin futures and non-deliverable futures for customers from next week,” the publication said. It will also take on projects involving blockchain technology and central bank digital currencies (CBDCs).
- The Crypto Desk will be part of Goldman Sachs’ global market division and act as a market maker who buys and sells on behalf of clients but does not actively manage the cryptocurrencies themselves, according to Forbes.
- “The bank is also reviewing the potential of an exchange-traded Bitcoin fund and has made a request for information to investigate the custody of digital assets,” the source said at length. North America currently has two Bitcoin ETFs that were recently approved in Canada.
- As Bitcoin continues to outperform other assets, more and more companies are looking to expose themselves to cryptocurrency. For example, the Nasdaq listed Micro-strategy announced Monday that “it has bought approximately 328 bitcoins for $ 15.0 million in cash” and “now holds approximately 90,859 bitcoins”. Additionally, 42 companies currently hold a total of over $ 65 billion worth of Bitcoin.
- Bitcoin price is up 56% year-to-date and currently stands at $ 48,677 based on data from Markets.Bitcoin.com. Former Goldman Sachs CEO Lloyd Blankfein recently warned, “If I were a regulator, I’d kind of hyperventilate about success [bitcoin]. “Jeff Currie, the current global head of commodities research at Goldman, said that the Bitcoin market is” gradually maturing, “calling the cryptocurrency” a hedge against retail inflation “.
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