In recent news, Goldman Sachs now intends to consider new possibilities beyond that of just Bitcoin (BTC). The bank has plans to offer Ethereum (ETH) options as well as futures sooner rather than later. This is part of a new initiative to offer customers some much-needed variety when it comes to cryptocurrency options, and so the bank is looking towards the 2nd biggest crypto, Ethereum, to do just that.
As such, the plan is to offer the Ethereum options and futures within the upcoming months. The person in charge of digital assets at Goldman Sachs, Matthew McDermott, had provided some key details regarding the plans during a recent phone interview. He had stated that the possibility of adding Ethereum is just one more indication of the bank’s increasing support for the cryptocurrency industry and community. This announcement had come shortly after Goldman Sachs had also made it known that it shall be continuing its own cryptocurrency trading desk. The bank still utilizes the desk for the purposes of offering Bitcoin-related products to its respective clientele.
Bright future for cryptocurrency
The bank had published a report not too long ago which essentially discussed the possibility of considering cryptocurrencies to be a new kind of asset class. This suggested that Goldman Sachs truly did think that cryptocurrencies have a bright and prosperous future ahead. Also, the paper had additionally made the argument that ETH could potentially become the de facto chain before long and that it may even become the market of choice for vendors and clients dealing in trusted information, similar to how Amazon functions nowadays.
Besides the support from the bank, Ethereum has managed to enjoy a substantial surge in terms of interest from institutional investors recently. The likes of Anchorage and CME Group had both shown support for the altcoin through the launching of ETH futures and loans. Furthermore, whales had also been observed collecting as much ETH as possible in the past couple of weeks despite the massive correction.
Goldman Sachs is not the only one that supports cryptocurrency
The investment bank is not the only institution that considers cryptocurrencies key to future success, as even JPMorgan Chase has plans of offering Bitcoin-related products to its own wealthy clientele later on in the year.
In related news, State Street had recently announced the launch of its own digital assets arm, whereas BNY Mellon and Morgan Stanley have also expressed interest in the crypto industry. HSBC remains hesitant, however.