Автор: Tygom
Goldman bitcoin trading desk
Non-deliverable forwards are a type of derivative that allows investors to take a view on bitcoin's future price. Goldman first set up a cryptocurrency desk in , just as bitcoin's price was falling from record highs, muting investor interest in digital coins. Since then, market infrastructure for bitcoin and other large cryptocurrencies has significantly matured, with many established financial institutions offering products and services, including CME Group Inc CME.
N and Fidelity. The developments have helped to attract more mainstream companies to the sector, ranging from those offering crypto services to retail or institutional investors, to companies opting to hold bitcoin on their balance sheets Last month, electric car manufacturer Tesla Inc TSLA. N said it had formed a new unit to help clients hold and transfer digital assets. Editing by Rachel Armstrong and Jane Merriman. Not to forget that crypto exchanges such as Coinbase and FTX have been receiving steadfast support from retail investors, helping them secure big banks with each passing day.
Wall Street shows signs of bullishness on crypto with all the latest developments. This step by the major investment bank is sure to fuel further adoption of cryptocurrencies and digital assets. The over-the-counter trade partnership between the bank and Galaxy Digital sends only positive signals to institutional investors.
The valued relationship between Galaxy Digital and Goldman Sachs reflects trust and reliability. With Wall Street banks changing their stance on crypto, investors in the crypto space could possibly experience exponential growth. Recently Morgan Stanley also provided its clients access to three Bitcoin products which translates into a transparent and direct exposure to the price of Bitcoin.
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The crypto team exists within the firm's global currencies and emerging markets trading division, reporting to Goldman partner Rajesh Venkataramani, who wrote the memo. Goldman said it is also seeking to broaden its market presence by "selectively onboarding" crypto trading institutions to expand offerings.
The bank informed its markets personnel on Thursday that a newly created cryptocurrency desk had successfully traded two kinds of bitcoin-linked derivatives, according to an internal memo obtained exclusively by CNBC.
The crypto team exists within the firm's global currencies and emerging markets trading division, reporting to Goldman partner Rajesh Venkataramani , who wrote the memo, and is part of the bank's overall digital assets effort led by Mathew McDermott.
Goldman Sachs, a dominant global investment bank for trading fixed income and equities, had been mulling the creation of a bitcoin trading desk since at least The firm tabled those plans initially and restarted the crypto trading team in March, Reuters reported earlier this year. Thursday's memo was the first time New York-based Goldman officially acknowledged its involvement in crytpocurrency trading.
Under CEO David Solomon, Goldman has said it is seeking to broaden its market presence by "selectively onboarding" crypto trading institutions to expand offerings. The firm also said it launched a new software platform this week that provides the latest cryptocurrency prices and news to clients.
As part of this work, the bank is also exploring the potential for a bitcoin exchange traded fund and has issued a request for information to explore digital asset custody, the source said. The largest cryptocurrency is seen by investors and some companies as a hedge against inflation as governments and central banks turn on the stimulus taps. While its price has risen significantly over the past year, bitcoin remains highly volatile. This makes the coin and related derivatives attractive for investors willing to take riskier long or short positions as they hunt for yield in a record-low interest rate environment.
Non-deliverable forwards are a type of derivative that allows investors to take a view on bitcoin's future price.
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