Earlier this year, investment banking giant Goldman Sachs restarted the trading desk for bitcoin to help clients. The head of digital assets, Mathew McDermott, said the bank expands its world of crypto with plans to offer options and futures trading in Ether. Investment banks offering bitcoin options to their big clients, even after falling from $60K to $33K in few days. He told Bloomberg, “We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point”. McDermott also added, “We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.”
Bank has invested $5M in a firm that makes blockchain networks. Another $15M into Coin Metrics, a cryptocurrency and blockchain data provider to institutional clients. During the interview, he said, “We are looking at a number of different companies that fit into our strategic direction”. McDermott told Bloomberg that digital currencies aren’t fading, “Institutional adoption will continue,” he said. “Despite the material price correction, we continue to see a significant amount of interest in this space.”
