Goldman Sachs, one of the largest US investment banks, will relaunch its cryptocurrency trading desk, according to Reuters, citing sources.
Goldman Sachs has restarted its cryptocurrency trading desk and will begin dealing #Bitcoin futures and non-deliverable forwards for clients from next week, a person familiar with the matter said. 📈📉🏦
Story link soon 👇
w/ @iainwithers @ReutersLawrence pic.twitter.com/7A3cMSzm2o
— Anna Irrera (@annairrera) March 1, 2021
According to them, in the near term Goldman Sachs’ lineup of instruments will include futures and non-deliverable forwards on Bitcoin. In the longer term, the launch of an exchange-traded fund (ETF) is possible.
Crypto traders will become part of the Global Markets division.
The initiative will complement Goldman Sachs’s rapidly growing digital assets segment. It includes projects related to blockchain and sovereign digital currencies. The investment bank is also considering offering custodial services.
Earlier in the Digital Assets Department, they did not rule out the issuance of their own stablecoin.
In 2018, Goldman Sachs launched a service for trading Bitcoin futures. At the time, the bank also stated that it did not want to create a dedicated division for cryptocurrency trading.
In May 2020, Goldman Sachs analysts questioned whether Bitcoin and other cryptocurrencies can be considered a standalone asset class. This drew sharp criticism from prominent industry figures.
Earlier in February, JPMorgan Chase announced its readiness to launch Bitcoin trading when client demand appeared.
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