Options, options. Goldman Sachs relaunched its cryptocurrency trading desk after a three-year hiatus in March of this year, and now the investment bank is ready to scale these offerings.
It is ready to offer investors options and futures trading in Ether.
Mathew McDermott, the head of digital assets at Goldman Sachs revealed this to Bloomberg, confirming that the bank plans to offer trading in Ether in the months ahead. Preparations are underway at the organization to offer this new product to investors.
He also talked about how clients see the recent rout as a good entry point into the crypto space, noting that the bank also plans to facilitate trades via exchange-traded notes tracking the second most valuable cryptocurrency on the planet.
Ether has been on a good run lately, with the most recent surge taking it to the highs above $4,000, though the subsequent downturn has brought things back to levels seen earlier this year.
Perfect time for Goldman Sachs Group to move beyond the world of Bitcoin and expand into Ether, the digital currency of the Ethereum network, which itself is bracing for some big changes that are set to go live in the coming months.
This is the latest step for the crypto ambitions of the Wall Street giant after it restarted a trading desk to help clients deal in publicly traded funds tied to Bitcoin.
Also, in May it emerged that Goldman Sachs had started offering investors access to non-deliverable forwards (NFDs), a derivative tied to the price of Bitcoin that is paid out in cash.
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