Investment finance institution Goldman Sachs has revealed plans to expand its crypto business to offer ether futures and options.
Goldman Sachs plans to offer investors options and trade ether futures in the coming months
Cryptocurrency futures are transactions that allow people to buy cryptocurrency at a predetermined date in the future. They bet on the future price of crypto assets; for example, if you think Ethereum price will go up, closing futures contract at today’s price of $2,560 could give you profit.
Goldman Sachs’ head of digital assets, Mathew McDermott, has revealed that the worldwide funding institution plans to offer futures contracts and options to buy and sell in ether ( ETH) in the coming months, Bloomberg reported on Monday, June 14.
“We really see a lot of curiosity from commercial avid shoppers as they discover these ranges as a barely appetizing entry level. We see it as a clean-up train to cut leverage and surplus in the system, especially from a retail perspective.”
The government also announced that Goldman Sachs plans to offer the buying and selling of bitcoin exchange-traded notes.
Goldman Sachs Officially Formed Cryptocurrency Buy and Sell Group in Early May
In March, Goldman Sachs restarted its crypto trading desk after a three-year hiatus, with plans to once again support bitcoin futures trading.
Goldman Sachs has stated on a number of occasions that institutional curiosity for bitcoin is growing significantly. In a survey of 850 institutions last week, the financial institution found that nearly 1 in 10 respondents were buying and selling cryptocurrencies and 20% were interested in the asset class.
After noticing huge institutional demand for cryptocurrencies, Goldman Sachs officially established a crypto buying and selling group in early May.
Recently, the funding institution also stated that bitcoin is now a completely new asset class. In May, the agency led a $15 million grant into crypto information provider Coin Metrics.
McDermott added, “We are looking at a number of different companies that align with our strategic direction.”
He also said that customers see the recent roadmap as a good entry point, and the bank also plans to facilitate these transactions.
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