Goldman Sachs Bets Big On Asian Bitcoin Product
While the sentiment in cryptocurrency market is probably at its lowest levels, big financial institutions continue to make positive moves. The last few months were characterized by regular hurdles to the crypto community, starting with the Terra crash.
Goldman Sachs’ First Bitcoin Futures Trade In Asia
On Tuesday, Wall Street giant Goldman Sachs traded the first block trade of Bitcoin futures in Asian markets, according to Bitcoin Magazine. GFI Securities, a subsidiary of BGC Partners, said it arranged the first ever intermediated block trade of CME Group Bitcoin options contracts in Asia. Goldman Sachs executed the trade with Cumberland.
Brad Howell, chief executive officer of Asia Pacific for BGC, described Bitcoin as a rapidly evolving asset class.
“We are delighted to partner with Cumberland and Goldman Sachs to execute the first listed cryptocurrency futures and options block trade via CME Group in Asia. This transaction marks BGC’s continued commitment to expanding our cryptocurrency offering and to working with our global counterparties in developing this rapidly evolving asset class.”
Cumberland Linking Institutions With Crypto
Cumberland is a specialized crypto asset trading company that bridges financial institutions with the crypto space. Paul Kremsky, global head of Cumberland, said the group is working on opening Bitcoin to a broader group of banks.
“Since Cumberland first established a cryptocurrency desk in 2014, the goal has been to help usher institutions into the space.”
He added that BGC will be a key partner in opening the growing asset class to a broader group of institutions. It aspires to partner with banks, funds, and investors.
Goldman Sachs, on the other hand, is positive about the growing prospects for institutional players in the crypto asset industry. Last month, in its annual report, the bank said institutions are becoming more confident to explore investment opportunities in crypto. Institutions are recognizing the disruptive impact of the underlying blockchain technology, it added in the report.
In March this year, Goldman Sachs was reportedly exploring trading an over-the-counter (OTC) crypto instrument.
- Coinbase Joins Ripple and Circle In Applying For National Banking License
- USDT Issuer Tether Eyes $200M Raise To Launch Tokenized Gold Treasury Company
- REX-Osprey Files For ADA, HYPE, XLM, SUI ETFs as Crypto ETF Frenzy Heats Up
- ChangeNOW’s Quiet Power Play in Helping Crypto Businesses
- Standard Chartered Sees Bitcoin Soaring to $200,000 by Year-End on ETF Boom
- BNB Coin Price Hits ATH as Derivatives Activity Soars—Is $1,520 the Next Stop?
- Aster Price Eyes $3 After Channel Breakout as Open Interest Surges to $1.37B
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K Ahead of Q4 — Can Citigroup’s Forecast Hold Up?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
