A while ago, mega investment banking company Goldman Sachs announced that it would be releasing a Bitcoin trading product for interested customers. The news in the air today is that the company has started signing up customers for the product quietly. This is according to a source familiar with the matter. The bank has allegedly starting onboarding a few clients who will trade the derivative that is based on Bitcoin. The derivative is a non-deliverable forward and a cash settled product that can be likened to futures contract. The difference is that it cannot be traded on exchanges. Goldman Sachs is also making plans to launch custody services for cryptocurrencies.
Goldman Sachs And The Cryptocurrency Industry
Not too long ago, a publication claimed that the bank was making plans to create a non-deliverable forward for ether just like Bitcoin. If this had happened, ether would have gotten a major, much needed boost in the industry. All altcoins would have benefited from this move because such a derivative will give them the level of Wall Street exposure Bitcoin has managed to get. According to the new information from the source, however, the bank isn’t making any plans to make an ether derivative.
Bitcoin (BTC) Price Today – BTC / USD
Currently, many regulated trading platforms in the United States offer Bitcoin derivatives. This includes known platforms le CBOE and CME. These options exchanges offer Bitcoin futures contracts that are cash settled. For this reason, investors have come to put faith in the future of cryptocurrencies as they believe these platforms will eventually expand their cryptocurrency offerings. While nothing is certain yet, CBOE has already shown its desire to keep exploring the derivatives marketplace. CME has already made a move and launched an ether price reference rate. However, the public didn’t take this well.
Ethereum (ETH) Price Today – BTC / USD
These are not the only companies that are exploring this option. LedgerX, a crypto derivatives platform for institutional investors already offers several Bitcoin products. In fact, the platform is already making plans to support ether products as well. These products will be available as soon as the CFTC gives their approval. At the same time, a cryptocurrency startup that is owned by the owner of NYSE, Bakkt, is making plans to launch one of many Bitcoin futures products to come. The launch is scheduled to start on the 12th of December. This product will be settled physically unlike the products on CBOE and CME. This way, when the contracts expire, Bitcoin will be changing hands.