Goldman Sachs is Signing up Customers for its Bitcoin Trading Product. The leading global investment bank Goldman Sachs has discreetly begun to sign up a selected few customers for its yet-to-launch bitcoin trading product.
The Block reports that Goldman Sachs has included a “small number of clients” to actively trade the derivative, a non-deliverable forward, which is a cash-settled product that is comparable to a futures contract but does not trade on an exchange. Additionally, the bank continues to consider launching custody services for crypto-assets.
Bitcoin derivatives are available to trade on many trading platforms, such as the Chicago Mercantile Exchange(CME) and the Chicago Board Options Exchange(CBOE). Governing authority regulates these platforms. Both of these firms offer cash-settled bitcoin futures contracts, and each has instilled trust among its respective investors that they are going to expand their crypto offerings in the future. CBOE, on its part, has openly expressed its desire to remain a leader in the cryptocurrency derivatives marketplace.
Goldman Sachs is Signing up Customers for its Bitcoin Trading Product. LedgerX, an institutional crypto derivatives platform that currently offers a suite of bitcoin products, is reportedly building out support for ether as well. It is presently waiting for the approval from the Commodity Futures Trading Commission (CFTC).
Meanwhile, as Nvest Weekly reported earlier Bakkt, a crypto startup is preparing to launch its first bitcoin futures product. It is to begin trading on Dec. 12 this year. Unlike the contracts available from CME and CBOE, Bakkt’s bitcoin product will be physically-settled. This means that actual bitcoins will change hands when the contracts expire.