American multinational investment bank, Goldman Sachs Group has reopened its bitcoin trading desk and will also explore the possibilities of launching an exchange-traded-fund, a Reuters source revealed today.
The banking giant had launched a bitcoin trading desk in 2018 but ultimately retired the service after the cryptocurrency industry went into a bear market. However, with prices reaching new all-time highs, and interest surging, Goldman Sachs is re-entering the game.
According to the source, Goldman Sachs will sit within the U.S Global Markets Division on Monday to begin “dealing with bitcoin futures and non-deliverable forwards.” These derivatives products offer investors the opportunity to bet on Bitcoin’s future price and have become even more attractive with the increased market volatility.
However, Goldman Sachs will likely not stop at restoring its bitcoin trading desk. The source also mentioned that the bank is “also exploring the potential for a bitcoin exchange-traded fund and has issued a request for information to explore digital asset custody.”
More to follow…
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