The Goldman Sachs Group, Inc., an American multinational bank headquartered in New York, is restarting its cryptocurrency trading desk. The firm has attempted to enter the crypto market before but backed away when bitcoin crashed in 2018.
Next week, Goldman Sachs will begin engaging with bitcoin futures, and it will also start trading non-deliverable forwards, which are a type of financial contract. Non-deliverable forwards permit investors to hypothesize on an asset’s future price and are utilized in commodities markets or foreign exchange.
The desk will engage with operations including blockchain technology and CBDCs (central bank digital currencies).
“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,” an unofficial source declared.
The restarting of this desk comes after the increasing interest institutions are showing towards bitcoin over the past year. Approximately 42 companies are now holding over $65 billion worth of bitcoin, and the number is rising day by day.