First investors are reported to be able to purchase the Bitcoin futures from Goldman Sachs. The bank is also experimenting with crypto custody solutions.
In May, Goldman Sachs announced its intention to offer Bitcoin Futures. Based on an anonymous source, The Block reports that the major US bank has begun to offer futures contracts to first investors. Goldman Sachs is also experimenting with crypto custody solutions.
Goldman Sachs is involved in crypto in many ways
Goldman Sachs has repeatedly drawn attention to himself in matters of crypto and blockchain. Just under a week ago, the Abacus Journal reported that Goldman Sachs was also working on futures contracts for ether. According to information from The Block, however, this is wrong. Furthermore, the Goldman Sachs private asset management division published an annual outlook on crypto currencies and block chains in February.
While the opinion about Bitcoin was negative, there were positive words for Blockchain. This makes the recent investment by the major bank in Veem, a blockchain-based alternative to SWIFT, all the more understandable. However, the Bitcoin futures then appear to be contrary. But maybe not, because according to Goldman Sachs CFO Martin Chavez, their customers demand Bitcoin products. The source of The Block reports a similar story. According to this, customers ask Goldman Sachs for suitable crypto investments. Apart from that there were rumours about a Bitcoin Trading Desk only in September. But these turned out to be ducks.
Good prospects for futures with other crypto currencies
But Goldman Sachs is not alone in its crypto activities. Since the launch of CBOE’s first Bitcoin futures in December last year, more providers have joined the ranks. In January, NASDAQ CEO Adena Friedman commented on her plans for Bitcoin Futures and recently Bakkt followed with a similar announcement. Furthermore, CBOE is reported to start this year with Ether Futures. And ErisX even wants to enable futures for Bitcoin, Ether, Litecoin and Bitcoin Cash.
It remains to be seen how and whether Goldman’s Bitcoin futures will affect the crypto industry. However, the introduction of futures in December shows that Goldman’s entry could affect prices. According to a study, they were jointly responsible for the fall in share prices at the beginning of 2018. It is also likely that the futures will strengthen Bitcoin’s „Wall Street status“;. Large investment banks not only deal with Bitcoin in their annual reports, but also offer suitable investments. And as it looks, similar offers for other crypto currencies could soon follow.