New York City lender Goldman Sachs restarts crypto desk, mulls bitcoin-backed ETF

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New York City lender Goldman Sachs restarts crypto desk, mulls bitcoin-backed ETF

Goldman Sachs Groups Inc., the leading US lender and financial services provider headquartered in New York, has been set to begin trading of bitcoin futures and non-deliverable forwards for its clients as early as by next week, a press agency report published late on Monday had revealed citing unnamed sources.

Apart from that, the press agency report has also quoted people familiar with the subject-matter as saying that Goldman Sachs, one of the major global market makers ranked 62nd on the Fortune 500 list of US corporations by revenues, had already restarted cryptocurrency trading desks and the lender’s crypto trading team would be seated within the US lender’s Global market division.

In factuality, Goldman Sachs’ cryptocurrency trading desk has been a part of the New York City-based lender’s rapidly growing digital asset sector that has also been working out a swathe of projects ranging from blockchain technology to US Central Bank’s digital currencies.

Goldman Sachs mulls bitcoin-backed exchange traded fund

On top of that, the press agency report published late in the day had also unveiled that the leading US financial services provider, one of the 28 Wall Street banks that is authorized to borrow directly from the US Central Bank, has also been mulling a potential bitcoin-backed exchange traded fund, while the bank had also requested for information to become a custodian of digital assets amid a cryptocurrency boom that had soared more than 470 per cent year-to-date.

In tandem, followed by reveal of the report, Bitcoin, the world’s largest digital asset that took a lofty header over the weekend souring as much as 10 per cent, pared earlier losses and was last trading 6.27 per cent higher to $48,011.10 on late-afternoon US trading hours, while other smaller crypto assets such as Ethereum and Litecoin were last trading 6.35 per cent and 2.87 per cent higher respectively to $1,503 and $169.7.