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After criticizing cryptocurrencies, Goldman Sachs officially accepted Bitcoin earlier this year. Not only that, the investment banking giant is also expanding its services to include Ethereum.
U.S. investment bank Goldman Sachs is planning to offer Ethereum (ETH) derivatives products in the coming months, setting the stage for wider adoption of Ether and marking a significant shift in ethereum. compared to the organization’s critical stance on digital assets in the past.
See more: Goldman Sachs Recognizes Bitcoin as a True Asset Class
Mathew McDermott, director of digital asset management at Goldman Sachs, confirmed on June 14 that the investment bank is expanding into Ethereum options and futures. McDermott said institutional demand for cryptocurrencies will continue to grow despite recent market volatility:
Application will continue. Despite the throttling, we see a tremendous amount of interest in the crypto space.
McDermott referenced a survey of 850 institutions last week in which nearly 10% of respondents said they are trading crypto and 20% are interested in entering the market. According to CoinShares, institutional investments in Ethereum products have grown to nearly $1 billion this year alone, with total assets worth around $11.1 billion.
See more: Institutions are “indifferent” to Bitcoin, turning to ETH, pushing AUM value to a record high
Goldman Sachs launched limited Bitcoin (BTC) derivatives trading in early May, overseen by McDermott’s digital assets unit. The bank recently led a $15 million investment round for Coin Metrics, a leading cryptocurrency intelligence platform. McDermott said Goldman Sachs is also looking at a number of different companies that align with the bank’s strategic direction.
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