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After speculation that Goldman Sachs would launch cryptocurrency trading, the Wall Street giant has finally launched its market for bitcoin derivatives. According to a press release this morning, GS is making its highly-anticipated market for its clients. According to the announcement, Goldman Sachs is working alongside the other principal partners involved in the initiative, namely the CME Group, the Crypto Facilities Ltd., and the clearinghouse BitGo. As an initial step, the investment banking firm will offer clients the ability to trade bitcoin futures, whose value is based on that of the digital currency.
As some of the most well-known financial institutions in the world are getting into the cryptocurrency market, more and more people are taking an interest in the market. Goldman Sachs’ decision to launch a Bitcoin derivatives trading service to meet the “rapidly growing institutional client demand” is the latest move by a big financial player, joining others like Daimler AG, which recently began accepting Bitcoin payments, and the New York Stock Exchange, which added Bitcoin futures trading.
Investment bank Goldman Sachs has reportedly begun offering a bitcoin-based investment product to its customers. The company has opened trading in Non-Deliverable Forwards, a derivative of bitcoin. To hedge against the volatility of cryptocurrencies, Goldman Sachs will trade bitcoin futures on the CME Group.
Goldman Sachs is starting to offer abitcoin product to its customers.
Investment bank Goldman Sachs has opened trading in non-deliverable futures contracts – derivatives linked to the price of bitcoin that are paid for in cash, Bloomberg reported Thursday.
The company hedges against bitcoin volatility by buying and selling bitcoin futures in block trades on CME Group Inc. with Cumberland DRW as its trading partner, the release said. The investment bank recently revived its bitcoin trading division, saying in March that it planned to offer a full range of bitcoin-related investment products.
Max Minton, head of digital assets for the Asia-Pacific region at Goldman Sachs, said the firm’s new bitcoin offering paves the way for the development of our cash-cleared cryptocurrency capabilities. He is quoted:
Institutional demand continues to grow strongly in this area, and the opportunity to work with partners like Cumberland will help us expand our capabilities.
Justin Chow, global head of business development at Cumberland DRW, said Goldman Sachs serves as an indicator of institutional investor sophistication in the face of market changes:
This year, we’ve seen rapid adoption of and interest in cryptocurrencies among more traditional financial firms, and Goldman’s entry into the space is another sign of its maturation.
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