New York-based investment bank, Goldman Sachs, is moving a step further in expanding available client offerings. The institution wants to offer an Ether Futures option for investors. The news was reported by Bloomberg on Monday and follows the option of a cryptocurrency trading desk it earlier approved.
Goldman Sachs would be offering Ethereum options and futures on its trading desk. Matthew McDermott, the institution’s head of digital assets placed the move to occur in the coming months. Under McDermott’s leadership, Goldman Sachs has recorded epic growth in its venture into cryptocurrency.
McDermott further said that the Bank has recorded a lot of interest from users who believe that futures trading is beneficial. “We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective”, he said.
More Institutions Pay Attention to Cryptocurrencies Despite a Wavering Market
The uncertainty hanging in the air for the crypto community does not seem to deter determined institutions from taking advantage of decentralized finance. Goldman Sachs for instance has consistently invested in cryptocurrency startups. Evidence of this is its $15 million input to blockchain analysis firm Coin Metrics.
According to McDermott, the company also has eyes for other startups that fit into their “strategic direction”. He also said that he had held interviews with clients who agree that cryptocurrencies will linger for a long time. As well, a survey held by Goldman Sachs on 850 companies exposed that 10 of them were trading crypto and 20 were interested in the industry.
Aside from Goldman Sachs, other institutions are stepping up to embrace the crypto industry. A notable new entrant Standard Chartered Bank is developing a venture that would feature the purchase and sale of digital assets.