Goldman Sachs Launches Bitcoin Derivatives Trading as ‘Institutional Demand Continues to Grow Significantly’ – Bitcoin News
Funding financial institution Goldman Sachs has reportedly begun providing a bitcoin funding product to shoppers. The agency has opened up buying and selling with non-deliverable forwards, a bitcoin derivatives product. To hedge in opposition to the cryptocurrency’s volatility, Goldman Sachs will commerce bitcoin futures on CME Group.
Goldman Sachs Begins Providing Bitcoin Product to Shoppers
Funding financial institution Goldman Sachs “has opened up buying and selling with non-deliverable forwards, a spinoff tied to bitcoin’s worth that pays out in money,” Bloomberg reported Thursday.
The agency is defending itself from bitcoin’s volatility by shopping for and promoting bitcoin futures in block trades on CME Group Inc., utilizing Cumberland DRW as its buying and selling associate, the publication conveyed. The funding financial institution lately introduced again its bitcoin buying and selling desk and revealed in March that it plans to supply a full spectrum of bitcoin funding merchandise.
Goldman Sachs’ Asia Pacific head of digital belongings, Max Minton, defined that the agency’s new bitcoin providing is “paving the best way for us to evolve our nascent cash-settled cryptocurrency capabilities.” He was quoted as saying:
Institutional demand continues to develop considerably on this house, and having the ability to work with companions like Cumberland will assist us increase our capabilities.
Cumberland DRW’s world head of enterprise improvement, Justin Chow, stated that “Goldman Sachs serves as a bellwether of how refined, institutional buyers strategy shifts available in the market,” elaborating:
We’ve seen speedy adoption and curiosity in crypto from extra conventional monetary corporations this yr, and Goldman’s entrance into the house is one more signal of the way it’s maturing.
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