Goldman Sachs, one of Wall Street’s largest banks, has decided to give cryptocurrency trading another chance, according to a March 1 Reuters report.
According to the Reuters report, a person familiar with the matter said that from next week, he will start Bitcoin futures and no-delivery futures for customers.
Within the Global Markets division, it will begin trading Bitcoin futures as well as no-delivery futures as early as next week. Reuters reported that the table is part of Goldman’s activities in the rapidly growing digital assets industry and includes projects involving blockchain technology and central bank digital currencies.
In addition, the banking giant is currently investigating a Bitcoin-focused exchange traded fund. Above all, it wants to enter the cryptocurrency custody business. In March, there was numerous speculation about Goldman’s entry into the crypto trade, but the plan was later shelved. In April 2019, the bank denied even planning to open a trading desk for cryptocurrencies in the first place.
The reboot of the trading desk came with institutions’ increased interest in Bitcoin over the past year. The largest cryptocurrency is seen by investors and some companies as a hedge against inflation as governments and central banks open their incentive taps.
It is worth noting that last May, Goldman Sachs faced harsh criticism from the cryptocurrency community after announcing during a client meeting that Bitcoin is not an asset class. Change seems inevitable.