Closer to Crypto: Goldman Sachs Launches Bitcoin Derivatives
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Goldman Sachs, a large investment bank, began attracting a limited number of its customers to launch bitcoin derivatives, which will be settled in fiat, sources familiar with the situation told The Block.

According to the source of the publication, the new instrument will not be traded on the stock exchange, although it will be similar to cryptocurrency futures from the CME and CBOE sites. These two Chicago stock exchanges have been trading bitcoin futures since the end of last year. The quotes are protected from a strong fall or 30% growth by a barrier, after which the trading stops until new boundaries are recalculated.

It also became known that Goldman Sachs does not plan to release products related to ethereum in the near future. At the moment, there are no tools for working with this cryptocurrency on any large regulated site. Earlier this year, CBOE announced that it plans to launch ethereum futures, but has not yet done so.

Goldman Sachs To Start Trading Products Linked To Crypto

The clients of the investment bank will meet the management in order to discuss the prospects of the cryptocurrency market and the possibilities to participate in it. According to the latest data, all new tools of Goldman Sachs are considered by the bank to be a transitional stage before the launch of trading a real asset.

The investment bank will also have to create a custodial service for the cold storage of cryptocurrency, which, according to the same The Block, will happen soon. Rumors that Goldman Sachs is considering the possibility of launching custodial services for cryptocurrency funds appeared in August. An informed source then claimed that this issue was being discussed within the company, but the exact dates had not yet been established.

Goldman Sachs CFO: Crypto Desk Reports are False

Goldman Sachs doesn’t just take an active interest in crypto. The bank has repeatedly made it clear that some of its clients insist on investing in such assets. “It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value,” said Rana Yared, one of the Goldman executives.

In September, it was also rumored that Goldman Sachs had refused to create a cryptocurrency trading platform. The financial director of the bank then denied this news. However, the interest of the bank in the crypto sphere is still high.

Goldman Sachs & Mike Novogratz Invested in BitGo

This has been confirmed by another piece of news. In October, Goldman Sachs and Galaxy Digital Ventures, billionaire Mike Novogratz’ company, invested $15 million between the two of them in BitGo Holdings, which develops solutions for securely storing cryptocurrency assets.

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