Goldman Adds Ethereum to Cryptocurrency Trading Desk June 15, 2021 June 15, 2021 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Ethereum NewsJune 15, 2021 by Kelly Cromley

Goldman Adds Ethereum to Cryptocurrency Trading Desk

In the next months, Goldman Sachs plans to offer Ether (ETH) contracts, paving the way for greater acceptance of the second-largest cryptocurrency and signaling a dramatic shift from the firm’s previous skepticism of cryptoassets.

Goldman Sachs’ managing director of digital assets, Mathew McDermott, revealed on Monday that the financial institution is entering the Ether derivatives market.

Notwithstanding current market turbulence, institutional interest for cryptocurrencies will keep expanding, according to McDermott in a talk with Bloomberg:

“Adoption at the institutional level will continue. […] We are witnessing a lot of excitement in this market, despite the huge price crash.”

Last week, McDermott cited a study of 850 institutions in which roughly 10% of participants indicated they are trading cryptocurrency and 20% indicated they are keen on getting into the market. As per CoinShares, institutional investments into Ether products have aggregated to roughly $1 billion in 2021, with total assets valued around $11.1 billion.

At the start of May, Goldman started a small Bitcoin (BTC) derivatives trading desk. McDermott’s digital-asset section oversees the new operation, which is housed under the bank’s Global Currencies and Emerging Markets business.

Goldman’s commitment to cryptocurrencies extends well beyond trading floors. Of late, the bank sponsored a $15 million funding round for Coin Metrics, a major cryptocurrency intelligence platform. Goldman is “looking at a number of other firms that meet our strategic direction,” according to McDermott.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.