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BREAKING: Goldman Sachs Launches New Bitcoin Derivatives

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Thu, 05/06/2021 - 18:32
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Alex Dovbnya
Goldman Sachs has introduced new Bitcoin derivatives for its customers
BREAKING: Goldman Sachs Launches New Bitcoin Derivatives
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U.S. banking giant Goldman Sachs has started offering Bitcoin-backed non-deliverable forward contracts to Wall Street investors, according to Bloomberg's Matt Leising

It relies on CME Group's Bitcoin futures to hedge against the cryptocurrency's infamous volatility, conducting block trades on the Chicago-based futures exchange. Cryptoasset trading company Cumberland DRW acts as Goldman's trading partner. 

The new derivatives product was quietly introduced to Goldman's clients last month.      

Related
BREAKING: Goldman Sachs May Start Offering Bitcoin to Wealthy Clients Later This Year

As reported by U.Today, Goldman Sachs COO John Waldron predicted an "explosion" in demand for cryptocurrencies in March. 

Earlier this year, the bank re-launched its crypto trading desk and announced its plan to dabble in crypto custody.  

Goldman has also spearheaded a $15 million funding round in cryptocurrency data analytics startup CoinMetrics.       

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.