Goldman Sachs has recently launched a crypto trading desk that focuses on trading derivatives according to company executives. According to a recent CNBC report, Goldman Sachs made the announcement in an internal memo.
As stated in the memo, the trading desk will be managed by the head of Digital Assets, Matthew McDermott. Also, the desk will be part of the company’s Global Currencies and Emerging Markets division.
Goldman Sachs’ new launch came after the company said it had started allowing its clients to trade BTC through non-deliverable forwards (NDFs), a derivative based on Bitcoin’s price. On the 6th of May, reports revealed that Goldman Sachs had started BTC futures trading.
In addition, the memo noted that the Bitcoin derivatives trading desk would only trade in NDFS along with “CME BTC future trades on a principal basis, all-cash settling.”
In the memo, Goldman Sachs partner Rajesh Venkataramani said:
“Looking ahead, as we continue to broaden our market presence, albeit in a measured way, we are selectively onboarding new liquidity providers to help us in expanding our offering.”
Apart from its entry into the crypto market, Goldman Sachs is also set to explore blockchain technology. Last month, the company announced that it is participating in a $120 million digital bond sale on the Ethereum blockchain.
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