By Shelly Melancon (Switzerland)
Despite the downturn in the crypto market in the past months, several companies remain bullish. Some officials and financial institutions believe the crypto sector has huge potential.
Among these financial institutions is the Wall Street giant and banking firm Goldman Sachs. The banking institution has shown great interest in the sector and wants to offer crypto investment.
Goldman Sachs Completes First BTC Futures Transaction
According to reports, the banking giant has carried out its first BTC futures trading in Asia. The intermediary for the transaction is GFI Securities LLC. This company is a subsidiary of BGC Partners.
Additionally, the July 5th report noted this stands as the first intermediated block trade of the group in Asia. The transaction occurred between Goldman Sachs and Cumberland DRW LLC.
Talking about the announcement, Brad Howell, the CEO of BGC in Asia, stated that:
“It is an honour to partner with both Cumberland and Goldman Sachs on their recent trade. This marks our commitment to increasing out crypto offering. We are also willing to work with other global crypto firms. This would allow us to develop the growing asset class.”
Additionally, the press statement noted that BGC plans to open electronic platforms. Also, it will launch hybrid brokerage desks in different financial centers. The company believes the crypto sector would scale higher.
Goldman Sachs’ Interest In Crypto
Before now, the investment bank has mentioned its interest in digital currencies. Some of its clients had clamored for the addition of crypto investment options.
Last December, the Wall Street giant joined other banks in the United States to explore cryptocurrency. They explored the usage of BTC as collateral to offer loans to other institutions.
Additionally, these entities focused on products like futures and synthetic cryptocurrency offerings. Also, in January, Lloyd Blankfein, former CEO Of Goldman Sachs, acknowledged the benefits of crypto.
Before then, he had been skeptical about the growing industry. Blankfein stated that cryptocurrencies like Bitcoin are valuable to the financial sector.
Goldman Sachs Working On Offering Crypto Products
According to Finbold’s April report, Goldman Sachs said it would start offering crypto investment options. From the information, the investment vehicles will be available to clients in Q2 2022.
This is among the company’s plans to offer a variety of digital assets to its clients. This is not the first instance of financial institutions entering the crypto sector.
More financial institutions are willing to offer crypto products. However, the issue of regulation has been a major barrier.
Investors are waiting for a comprehensive regulatory framework before investing in the sector. This is due to the increased instability in the crypto market and the high fraud rate.
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