Goldman Sachs Wants To Offer Ethereum Futures Trading
In October and November of last year, we got the first sign that institutional clients were ready to enter the cryptosphere. As Bitcoin hit $20,000 for a first time, as PayPal and Square invested directly in Bitcoin, several US business banks were caught off guard when several of their customers asked that they also be offered crypto coins.
At first Wall Street dipped its toes into Bitcoin ever so slightly. But by January 2021, as Bitcoin was ready to break $30k, interest for other coins also grew. Ethereum, Cardano, Binance Coin and others saw investment grow.
After Goldman Sachs started providing bitcoin exposure to key clients, it is now expanding into ether, the native token for Ethereum, by offering cash-settled futures and options contracts. By: @eltrade @emilymason00
— Forbes Crypto (@ForbesCrypto) June 15, 2021
Fast forward five more months and its June of 2021. By now, Goldman Sachs is ready to offer options and futures trading in Ethereum. We are a long way off from dipping their toes in the water of course.
Institutional adoption will continue
Mathew McDermott, head of digital assets at Goldman explained in a Bloomberg interviews this week that:
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.
Hot of the press… Goldman Sachs intends to offer options and futures on #Ethereum 👀 https://t.co/w6ugtHefUf
— CRYPTOWZRD (@cryptoWZRD_) June 15, 2021
It comes as Bitcoin fell from an April high of $64,000 back down to $30,000, but even this does not seem to scare off Wall Street investors, who are always on the lookout for the next growth market. Many now agree that crypto is an investment worth risking.
McDermott said:
Institutional adoption will continue. Despite the material price correction, we continue to see a significant amount of interest in this space.
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