Buy $GGsGoldman 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.
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