By Isabelle Lee
Goldman Sachs will offer ether options and futures to its clients because the investment bank expands its cryptocurrency trading business, Bloomberg first reported.
“We’ve actually seen tons of interest from clients who are wanting to trade as they find these levels as a rather more palatable entry point,” Mathew McDermott, head of digital assets at Goldman, told Bloomberg.
He continued: “We see it as a cleansing exercise to scale back a number of the leverage and therefore the excess within the system, especially from a retail perspective.”
The New York-based bank is expanding from its bitcoin offering after restarting its cryptocurrency trading desk to trade bitcoin futures earlier this year amid a boom within the popular coin. Goldman first found out a cryptocurrency desk in 2018.
The 47-year-old McDermott also told Bloomberg that Goldman has plans to facilitate trades via exchange-traded notes tracking bitcoin.
Cryptocurrencies, led by bitcoin, have staged a modest rebound on Monday following its massive crash in May when it lost almost half its market price in one week alone.
Yet a recent finding from crypto-asset broker Voyager revealed that 81% of respondents during a recent survey are more confident within the way forward for cryptocurrency following last month’s sell-off.
“Institutional adoption will continue,” McDermott said. “Despite the fabric price correction, we still see a big amount of interest during this space.”
In March, that bank’s COO and president John Waldron said he has seen a rise in interest from his clients when it involves investing in bitcoin.
“Client demand is rising,” Waldron said during a Wolfe Virtual FinTech Forum. “The pandemic has been a big accelerant. there’s no doubt in our mind there’ll be more digital commerce … and (use of) digital money.”
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