Claim $500Goldman 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.
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.
Premium Partners
Delivered every day.
- Insights that move markets
- 100,000 active subscribers
Related Articles
- Tom Lee’s BitMine Increases Staked ETH to $1.3B as Ethereum Tops Solana and BNB in 2025 Flows
- Breaking: Bitcoin Treasury Firm Trump Media to Distribute Digital Tokens to Shareholders; DJT Stock Rises
- Breaking: U.S. Initial Jobless Claims Come In At 199K as Odds of January Fed Rate Cut Fall to 13%
- Roundhill Trust Amends XRP ETF Filing as Spot Funds Extend Inflows Streak To 30 Days
- Pi Network News: Pi Team Freezes All Payments Following Multi-Million Token Theft
- Bitcoin Price Prediction Ahead of FOMC Minutes
- Top 3 Crypto Predictions Ahead of U.S. Government Shutdown Deadline in Jan 2026
- Grayscale Files for First U.S. Bittensor ETF: Will TAO Price Rally to $300 in January?
- Shiba Inu Price Prediction: Will SHIB Show Golden Cross Signal in 2026?
- Pi Network Price Prediction as Demand Slips Ahead of the 136m Unlock
- Why Bitcoin, Ethereum, XRP, and ADA Prices Are Falling Today
