Goldman Sachs plans to expand its cryptocurrency offerings and to offer options and futures trading in ether (ETH), Bloomberg reports, citing Mathew McDermott, Head of Digital Assets at Goldman Sachs. While the exact date remains unknown, the bank reportedly plans to offer new services with ether in the coming months.
"We have 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," McDermott said.
He also adds that the bank sees ether as a "cleansing exercise" to reduce some of the leverage and the excess in the system, especially from a retail perspective. McDermott assures that institutional adoption will continue despite the "material price correction."
Goldman's plans come after the bank added support for trading of non-deliverable forwards, a derivative that is pegged to the bitcoin (EXANTE: Bitcoin) price and paid out in cash. 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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