Goldman Sachs Group Inc has resumed its cryptocurrency trading division, Reuters reports, citing sources. Starting next week, the bank will offer its clients bitcoin futures and non-deliverable forwards deals.
The team specializing in cryptocurrencies will become part of the global markets division, the source added. Goldman Sachs is also exploring the potential of an exchange-traded fund (ETF) based on bitcoin and has issued a request for information to enter the digital asset custody business, he said.
Goldman Sachs opened a cryptocurrency trading division in 2018 at the same time that Bitcoin began to decline from previous all-time highs. Opinions vary on what to expect from the latest news. In addition to the obvious positive impact of the proliferation of bitcoin-based financial products, the relaunch of futures trading will open up a simple opportunity for traditional bank customers to go short.
In January, Goldman Sachs analysts said institutional investor participation in the bitcoin market was still negligible.
JPMorgan Chase Co-President and COO Daniel Pinto previously announced that they too can join cryptocurrency trading if they find sufficient interest among their clients in it.
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