Investment bank Goldman Sachs has reportedly announced plans to expand its cryptocurrency desk to offer trading in ether futures and options. The bank says that “institutional acceptance will continue” and states: “Despite the material price correction, we continue to see significant interest in this area”.
Goldman Sachs is getting ready to offer trading in Ether futures and options
Goldman Sachs’ head of digital assets Mathew McDermott has reportedly revealed that the global investment bank plans to offer futures and options trading in ether (ETH) in the coming months, Bloomberg reported on Monday.
McDermott said in a phone interview with the release on Thursday:
We have actually seen a lot of interest from customers who enjoy trading as they find these levels to be a slightly tastier entry point. We see it as a cleanup measure to reduce some of the leverage and excess in the system, especially from a retail perspective.
The board also said that Goldman Sachs plans to offer trading in exchange-traded Bitcoin notes.
Goldman Sachs officially formed a cryptocurrency trading team in early May after seeing tremendous institutional demand for cryptocurrency. The investment bank also recently said that Bitcoin is now a new asset class. In May, the company led the $ 15 million investment in crypto data provider Coin Metrics. McDermott added, “We are reviewing a number of different companies that fit into our strategic direction.”
Goldman Sachs has said several times that institutional interest in Bitcoin has increased significantly. In a survey of 850 institutions last week, the bank found that almost every tenth respondent trades cryptocurrencies and 20% are interested in the asset class.
McDermott further in detail:
Institutional acceptance will continue. Despite the material price correction, we continue to see great interest in this area.
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