According to close sources, one of the biggest Wall Street banks, Goldman Sachs Inc., is exploring new cryptocurrency options for their customers, Bloomberg confirms. The giant is discussing bilateral over-the-counter crypto sales, which could enable institutions to trade digital currency derivates.
The bank was one of the early Wall Street titans and still belongs among the few of those who offer Bitcoin, Ether, and cryptocurrency futures in their portfolio. With this next step, they would also be able to customize their client’s funds so that they could further mitigate risks and boost yields on their digital assets.
We are seeing a lot of demand for more derivative-type hedging. The next big step that we are envisioning is the development of options markets, said Andrei Kazantsev, Goldman’s global head of crypto trading, in a panel hosted by Coindesk last December.
Sachs seems to be ahead of its peers from Wall Street, as hardly any of the New York financial giants has dabbled into crypto and blockchain technology. The banks are still keeping their distance due to uncertain regulatory and KYC conditions, even despite the fact that they have gradually been becoming clearer.
Kazantsev adds, however, that Goldman is taking these risks upon themselves to provide liquidity and enable larger trades for their clients. Diversifying their offer will be seen as another step towards further adoption of crypto in the banking sphere.
