Goldman Sachs to Reopen Bitcoin Futures Trading after Three-Year Pause

CRYPTONAIRE LYWEEK

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Goldman Sachs to Reopen Bitcoin Futures Trading after Three-Year Pause

Goldman Sachs has resumed its crypto trading desk after three years of its launch and once again plans to support Bitcoin futures trading, a person familiar with the sources has said. The crypto service offered by Goldman Sachs is said to resume in mid-March this month.

The New York-based bank originally announced plans for a cryptocurrency trading desk in 2018 but then quietly shelved them because of Bitcoin’s price plunge witnessed that year.

The news is highly important since it reflects how big names on Wall Street are turning to view crypto-assets as part of their daily operations.

The crypto desk, which will be part of Goldman’s US Global Market division, forms a wider push into digital assets that may see the bank offering contracts for other crypto-assets like Ether (ETH) in addition to offering Bitcoin.

As part of this initiative, Goldman Sachs is examining the potential for a Bitcoin exchange-traded fund and digital asset custody, the person familiar with the matter stated.

The trading desk comes at a time when rising interest from institutions on Bitcoin gains momentum as the crypto price increased more than 470% over the previous year. Investors and some firms see the leading cryptocurrency as a hedge against inflation as central banks and government turn on fiscal stimulus packages.

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