Goldman Sachs, the worldwide investment banking giant has actually resumed its crypto trading desk, first started in 2018, and is all set to cater to its customers starting next week, based on a report by Reuters. The crypto trading desk belongs of companies’digital possession and blockchain strategies.
Goldman Sachs has actually restarted its cryptocurrency trading desk and will begin dealing #Bitcoin futures and non-deliverable forwards for clients from next week, a person acquainted with the matter stated.
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— w/ @iainwithers @ReutersLawrence pic.twitter.com/7A3cMSzm2o– Anna Irrera (@annairrera) March 1, 2021
The trading desk reboot might have come due to increasing client demand because many traditional banking giants such as BNY Mellon have actually begun providing Bitcoin and crypto services while many others including JP Morgan, Fidelity Investment Group are pondering doing the very same.
Goldman Sachs Planning Bitcoin ETF?
The source acquainted with the matter also revealed that Goldman Sachs is likewise checking out the capacity of the Bitcoin Exchange Traded Fund, currently the hottest subject in the crypto-verse, specifically after the launch of the first North American Bitcoin ETF by Purpose Group. The US regulatory bodies are yet to authorize a Bitcoin ETF regardless of numerous pending applications and rejections. Nevertheless, the growing popularity of Bitcoin amongst institutions and a trillion-dollar market cap might help its case in the United States as well.
Apart from Bitcoin ETF, the American Investment banking giant is likewise aiming to use crypto custody services, something the company has been considering because 2017. Now could be the perfect time for these financial giants to check out cryptocurrencies, as the similarity Ruffer Investment and CITI Group think it is at the tipping point of mainstream adoption.
Apart from traditional monetary giants, numerous fortune 500 business and organizations are checking out the idea of using Bitcoin as a treasury reserve post-MicroStrategy and Tesla’s multi-billion dollar financial investment over the previous month. The growing trust of organizations in Bitcoin as a store of value has required numerous leading banks to become a direct point of service for bitcoin, something they declined just a number of years ago declaring it to be another internet bubble.
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