Goldman Sachs Increases Cryptocurrency Investments Ethereum futures and options development

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Bloomberg News reported on the 15th that Goldman Sachs, the world’s top investment bank, is offering not only Bitcoin but also Ethereum-related products.

Goldman Sachs has already set up a cryptocurrency (virtual currency) desk and is offering bitcoin-related products. Goldman Sachs has only dealt with Bitcoin products so far. However, Goldman Sachs is developing a product to provide not only Bitcoin but also Ethereum-related products.

Goldman Sachs is preparing to offer Ethereum futures and options trading in the coming months, Bloomberg reported.

Matthew McDermott, Head of Digital Assets Division at Goldman Sachs, said, “We are working to launch Ethereum-related products within the next few months.

Recently, Bitcoin has fallen sharply due to the intervention of regulatory authorities in each country, but rather an opportunity to buy at a low price, McDermott noted.

Last year, Goldman Sachs revived its cryptocurrency desk and then hired McDermott to launch its cryptocurrency division. The number of employees from 4 at the time of launch has grown to 17 now.

Goldman Sachs is not hesitant to invest in related companies as well. Invested 15 million dollars (16.7 billion won) in ‘Coin Matrix’, a cryptocurrency price provider, and brought McDermott to the board of directors.

McDermott said the price of cryptocurrencies such as Bitcoin has been adjusted recently, but institutional investors are still interested.

“Goldman Sachs surveyed 850 institutional investors last week and found that 10% had already entered the cryptocurrency market and 20% said they were interested.”

He emphasized that “institutional investors are continuing to enter the cryptocurrency market.”

Other investment banks are also entering the cryptocurrency market one after another, such as Goldman Sachs and Standard Chartered Bank are also engaged in cryptocurrency-related businesses. Of the major investment banks, only HSBC has declared that it will not enter the cryptocurrency market, Bloomberg reported.