Goldman Sachs Now Allows Wall Street to Bet on Bitcoin
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Goldman Sachs has expanded its cryptocurrency offering with trading of non-deliverable forwards, a derivative that is pegged to the bitcoin (EXANTE: Bitcoin) price and paid out in cash, Bloomberg has learned. The bank then protects itself from volatility by buying and selling bitcoin futures in block trades on CME Group Inc., via Cumberland DRW.

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Max Minton, Head of Digital Assets in Asia-Pacific at Goldman Sachs, says institutional demand for cryptocurrencies continues to grow "significantly."

"[The new service is] paving the way for us to evolve our nascent cash-settled crypto-currency capabilities," he added.

Goldman's new offering comes after New York Digital Investment Group (NYDIG) hinted that hundreds of US banks soon will allow its clients to buy cryptocurrencies, including bitcoin (EXANTE: Bitcoin). The fintech-crypto company has partnered with Fidelity National Information Services (FIS) to allow US banks to offer bitcoin in the coming months.

Goldman Sachs to Offer Bitcoin to Wealth Clients in Q2: Report

Patrick Sells, Head of Bank Solutions at NYDIG, claims hundreds of financial institutions with several lenders are already in the program.

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