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Goldman Sachs is planning to offer ether options and futures
Jun, 15 2021
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The company is moving beyond the world of Bitcoin and growing into Ether. Goldman is planning to offer options and futures trading in Ether, and ether is a cryptocurrency which fuels and secures the Ethereum network. This news comes from Mathew McDermott who is the head of digital assets at Goldman. Goldman appointed McDermott- 47 to head its digital currency struggles in the previous year. He observes the business to grow to 17 people from 4.
As per Mathew McDermott, the head of digital assets at Goldman said that the coin that fuels the Ethereum network will be used for options and futures trading. This is the latest step in the Wall Street giant’s crypto ambitions after Goldman resumed a trading desk this year.?It was to help clients to deal publicly on traded futures knotted to Bitcoin. McDermott mentioned that the bank also plans to simplify trades through the exchange-traded notes tracking Bitcoin. Regardless of all the warnings from regulators about the risks stood by crypto’s extreme volatility and role in money laundering. The investment banks are moving up to deliver Bitcoin services to their big clients. Even after values fell in May, falling from around $60,000 to $33,000 in a matter of days, hedge funds are still excited to trade Bitcoin.
Goldman Sachs is jumping on to the crypto train
The investment bank plans to deal trading in ether the months forward, Mathew McDermott, head of digital assets at Goldman Sachs, said to Bloomberg.
In May, CoinDesk stated that Goldman Sachs had in progress to deliver the investors access to non-deliverable forwards (NDFs). A derivative tied to bitcoin’s value that pays out in cash.
McDermott specified that clients see the latest route as a good access point and that the bank also plans to ease trades with exchange-traded notes that track ether.
In March, Goldman Sachs re-launched its cryptocurrency trading desk after a three-year hiatus, with tactics to once again care about trading in bitcoin futures.
The bank has also capitalized on crypto start-ups. It put $5 million into fundraising by Blockdaemon. It helps the firm to generate and host the computer nodes that makeup blockchain networks. In May, Goldman controlled the $15 million investment into Coin Metrics.?
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Shivangi Mujumdar
CBW - External Analyst
INDIA
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