- Goldman Sachs revealed its plan to expand its crypto trading desk.
- The firm will soon offer futures and options trading in Ether (ETH).
- Goldman Sachs plans to offer the trading of Bitcoin Exchange-Traded Notes (ETN).
On Monday, Goldman Sachs revealed its plan to expand its crypto trading desk and offer futures and options trading in Ether (ETH) soon. The investment bank thinks that despite the material price correction, crypto continues to gather interest in its space.
Goldman Sachs’ Head of Digital Assets Mathew McDermott further shared on Bloomberg,
We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point. We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.
Last month, the bank introduced its trading team. Thus, the firm put its $15 million investment to Coin Metrics, a crypto data provider. McDermott then added, it is because they are looking at several companies that fit their strategic direction. Meanwhile, it also reopened its crypto trading desk amid the Bitcoin boom in March.
In addition, McDermott said that Goldman Sachs also plans to offer the trading of Bitcoin Exchange-Traded Notes (ETN). More so, the firm recently said Bitcoin is now a new asset class.
Notably, Goldman Sachs has said at various events that the interest in Bitcoin has been growing significantly. In fact, 850 institutions participated in a survey last week where 1 in 10 respondents are now trading crypto and 20% are interested in this asset class.