General

# Goldman Sachs’ crypto trading desk expands to Ether

# Goldman Sachs’ crypto trading desk expands to Ether

United States investment bank Goldman Sachs is planning to offer Ether (ETH) derivatives products in the coming months, setting the stage for wider adoption of the second-largest cryptocurrency and marking a significant departure from the institution’s critical stance on digital assets in the past. 

Mathew McDermott, Goldman’s managing director of digital assets, confirmed Monday that the investment bank is expanding into Ether options and futures. In an interview with Bloomberg News, McDermott said institutional demand for cryptocurrencies will continue to grow despite the recent bout of market volatility:

“Institutional adoption will continue. […] Despite the material price correction, we continue to see a significant amount of interest in this space.”

McDermott referenced a survey of 850 institutions last week in which nearly 10% of respondents said they are trading crypto, and 20% are interested in entering the market.

  #Grammys 2021 Postponed

Institutional inflows into Ether products have amounted to nearly $1 billion this year alone, with total assets worth roughly $11.1 billion, according to CoinShares.

Related: Reports suggest Goldman Sachs is now offering Bitcoin derivatives

Goldman launched a limited Bitcoin (BTC) derivatives trading desk in early May. The new outfit is embedded within the bank’s Global Currencies and Emerging Markets division and is overseen by McDermott’s digital-asset unit.

Goldman’s embrace of digital assets goes far beyond its trading desks. As Cointelegraph reported, the bank recently led a $15 million investment round for Coin Metrics, a leading cryptocurrency intelligence platform. McDermott said Goldman is “looking at a number of different companies that fit our strategic direction.”

  #Live Nation launches drive-in concert tour amid coronavirus lockdowns

If you liked the article, do not forget to share it with your friends. Follow us on Google News too, click on the star and choose us from your favorites.

For forums sites go to Forum.BuradaBiliyorum.Com

If you want to read more News articles, you can visit our General category.

Source

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button