Goldman to offer crypto derivatives without trading Bitcoins

Friday 4 May 2018 09:58 CET | News

Goldman Sachs, preparing to pioneer a new cryptocurrency market on Wall Street, has announced plans to offer a limited number of derivatives, according to Bloomberg.

The bank will trade Bitcoin futures in a principal, market-making capacity and will also create non-deliverable forward products. Wall Street companies began offering clients futures from Cboe Global Markets and CME Group in December 2017.

But one issue with buying and selling actual Bitcoins is that they can be stolen by hackers. That means any bank looking to facilitate those transactions will have to figure out how to guard such assets, a step that could require a nod from regulators, Bloomberg adds.

Goldman Sachs already hired a specialist as head of digital asset markets to help clients gain exposure to cryptocurrencies. According to the online publication, the New York Times reported the bank’s decision to offer forward products will start in the next few weeks.

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Keywords: Goldman Sachs, blockchain, Bitcoin, trading desk, Bitcoin derivatives, crypto, cryptocurrency, assets
Countries: World