Goldman Sachs rushes into the Bitcoin market

On March 2, Capital State learned that, according to people familiar with the matter, Goldman Sachs (GS.US) has restarted the cryptocurrency trading desk and will provide customers with bitcoin futures and non-deliverable forward contracts (NDF) from next week. ) Transaction services.

People familiar with the matter said that this team belongs to the bank’s global market department. This department was established by Goldman Sachs in response to the rapidly growing activities in the digital asset sector. The source said that the bank is still exploring the possibility of Bitcoin exchange-traded funds and has issued a request for information to explore digital asset custody.

Goldman Sachs rushes into the Bitcoin market

Goldman Sachs first set up a cryptocurrency trading department as early as 2018, but at that time, the price of Bitcoin was falling from a record high, weakening investors’ interest in digital currencies. Since then, the market infrastructure of Bitcoin and other large cryptocurrencies has matured. Large financial institutions including the Chicago Mercantile Exchange (CME.US), Intercontinental Exchange (ICE.US) and Fidelity have all matured. Provide products and services related to cryptocurrency.

This time, the restart of the Goldman Sachs cryptocurrency trading desk also coincides with the growing interest of financial institutions in Bitcoin. The price of Bitcoin has soared nearly 5 times in the past year.

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