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Goldman Sachs Expands Cryptocurrency Trading Desk With Ether Futures and Options – Finance Bitcoin News #cryptocurrency #bitcoin #crypto #blockchain

Investment bank Goldman Sachs has reportedly revealed its plans to expand its cryptocurrency desk to offer ether futures and options trading. The bank says that “institutional adoption will continue,” noting that “we continue to see significant amounts of interest in this area, despite the correction in physical prices.”

Goldman Sachs ready to offer Ether futures and options trading

Goldman Sachs’ head of digital assets, Matthew McDermott, has reportedly revealed that the global investment bank plans to offer futures and options trading in ether (ETH) in the coming months, Bloomberg reported on Monday.

McDermott said in a phone interview with the publication on Thursday:

We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels to be a slightly more palatable entry point. We see this as a cleanup exercise to reduce some of the leverage and redundancies in the system, especially from a retail standpoint.

The executive additionally stated that Goldman Sachs plans to offer trading of bitcoin exchange-traded notes.

Goldman Sachs formally established a cryptocurrency trading team in early May after seeing huge institutional demand for the cryptocurrency. The investment bank also recently stated that bitcoin is now a new asset class. In May, the firm led a $15 million investment in crypto data provider Coin Metrics. “We’re looking at a lot of different companies that fit our strategic direction,” McDermott said.

Goldman Sachs has said on several occasions that institutional interest in bitcoin is increasing significantly. In a survey of 850 institutions last week, the bank found that nearly one in 10 respondents are trading cryptocurrencies and 20% are interested in the asset class.

McDermott further elaborated:

Institutional adoption will continue. Despite material price correction, we see considerable interest in this area.

What do you think about Goldman Sachs offering Ether Options trading? Let us know in the comments section below.

image credit: Shutterstock, Pixabay, WikiCommons

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