Friday, July 30, 2021

Goldman Sachs plans to offer Ethereum options and futures.

The Takeaway:

Matthew McDermott, Goldman's head of digital assets, revealed that the investment bank is looking beyond bitcoin and is planning to offer Ethereum options and futures.

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According to the Bloomberg report, Goldman Sachs is planning to offer ETH options and futures in the next few months. Matthew McDermott, Goldman’s head of digital assets, revealed that the investment bank is looking beyond for its crypto offerings. Several major banks and corporations have lately been warming up to cryptocurrencies. Earlier, Goldman Sachs announced to reopen its crypto trading desk.

 

Goldman Sachs currently uses its trading desk to offer Bitcoin products to its clients. 

Goldman Sachs’s move into Ethereum is another sign of the bank embracing cryptocurrency space, following last month’s announcement that it would reopen its crypto trading desk. The investment bank currently uses the desk to offer Bitcoin products to its clients. The banking giant also published a report titled “Crypto: A New Asset Class?” suggesting that it believed crypto had a bright future. The paper argued that Ethereum could become the number one chain in the future, with one researcher concluding that a platform that runs applications “could potentially become a large market for vendors of trusted information, like Amazon is for consumer goods today.”

 

Ethereum has enjoyed a wave of institutional interest in recent months.

Ethereum has been enjoying a wave of institutional interest in recent months. CME Group, the world’s largest derivatives exchange, launched ETH futures earlier this year, while the digital assets firm Anchorage launched ETH-backed loans for institutions earlier this month. On-chain data also suggests that so-called whales have been accumulating the second-leading cryptocurrency in recent weeks, despite the May crash that saw the asset dip over 50% off record highs. Goldman Sachs isn’t alone in venturing into crypto space; JP Morgan will offer Bitcoin products to rich clients this year, while State Street recently announced it had launched a digital assets arm. 

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Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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