According to Bloomberg, not only are “YOLO” retail traders from around the world returning to the cryptocurrency market, but also hedge fund clients of Goldman Sachs. Max Minton, the head of digital assets for Goldman Sachs Asia-Pacific, stated in an interview that Goldman Sachs launched its cryptocurrency trading desk in 2021. Currently, in addition to offering cash-settled Bitcoin (BTC) options and Ether (ETH) options trading, Goldman Sachs also provides Bitcoin and Ether futures listed on the Chicago Mercantile Exchange (CME). The company has not yet opened trading for underlying cryptocurrencies.
Minton stated that most of the demand comes from Goldman Sachs’ existing clients, primarily traditional hedge funds. He also mentioned that the bank is expanding into a “broader client base,” including asset management companies, banking clients, and selected digital asset firms. Clients are using cryptocurrency derivatives for directional bets, enhancing returns, and hedging purposes.
Minton noted that Bitcoin-related products remain the focus for most clients, but interest in Ether-related products may change depending on the approval of a Ether spot ETF in the United States.
Investment in the crypto space
Besides trading, Goldman Sachs is actively utilizing blockchain technology for tokenizing traditional assets. The bank has launched a digital asset platform called “GS DAP” and recently participated in a pilot project that connects banks, asset management companies, and exchanges on a blockchain network.
Goldman Sachs also makes strategic investments in startups that are significant to its vision and the development of the digital asset market structure, primarily blockchain infrastructure companies. Minton stated, “We have a portfolio, and we invest when it has strategic relevance.”
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