Goldman Sachs restarts Crypto trading desk after halting efforts post 2018 Bitcoin crash! Goldman Sachs restarts crypto trading desk, making it the latest institutional player to bulldoze its way into cryptocurrencies amidst an incredible surge in value over the last year.
The desk is set to offer Bitcoin futures for clients later this month – the news was first reported by Reuters on Monday afternoon. The desk will also trade non-deliverable forwards, a type of financial contract that allows investors to speculate on an asset’s future price. This is common in foreign exchange and commodities markets.
The desk will be a part of Goldman’s Global Markets Segment, the largest division by assets and revenue at the end of last year. They will serve as market-maker by buying and selling securities on behalf of clients, but not actively managing cryptocurrencies
Readers will know that we had talked about a Goldman Crypto Desk before, however, they abandoned the plans after the Crypto winter of 2018.
As institutional players make their way into Crypto, it’s important to note that MicroStrategy had announced another $1 billion dollar investment into Bitcoin last Wednesday. Morgan Stanley’s investment arm is eying adding Bitcoin to its portfolio, and CitiBank analysts are saying that Bitcoin is at the precipice of being widely adopted or headed towards a speculative implosion. They’ve gone as far as saying that it could become the currency of choice for international trade.
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