All the massive firms especially finance and tech-related firms are utilizing the crypto-fever. In that scenario, Goldman Sachs is all set to mark a new high in the digital currency sector.
A spectacularly performing massive investment firm has started to sign up customers for its upcoming bitcoin trading product.
It has acquired a “small number of clients” to actively trade the derivative, a non-deliverable forward, which is a cash-settled product that is comparable to a futures contract. Although, it won’t trade on an exchange. Also, the bank still considers launching custody services for crypto-assets.
Sometimes ago, somehow it was reported that Goldman Sachs was “actively exploring the creation” of a non-deliverable forward for ether, which is the native asset of the Ethereum platform. Although, it is found that the bank is not looking forward to building an ether derivative.
Moreover, the renowned bank had declared its crypto trading desk back in May when they indicated that the desk would offer Bitcoin [BTC] non-deliverable forward contracts.
Remarkably, Goldman Sachs is one of the topmost banks in the world by total assets ($968 B). Additionally, it is an American multinational investment firm and also a financial services company. Looking at its significance, its move regarding crypto is quite notable.
Moreover, an institutional crypto derivatives platform LedgerX is already providing a suite of bitcoin products. It is planning to build out support for ether as well.
Plus, Bakkt, a crypto startup, is intending to introduce its first bitcoin futures product. The upcoming product will be physically-settled, meaning that actual bitcoins will change hands when the contracts expire.