According to recent reports, investment bank Goldman Sachs is set to relaunch its crypto desk and plans to support Bitcoin futures trading beginning with mid-March. The bank had originally planned a crypto trading desk launch three years ago but soon shelved the plan as a result of regulatory concerns.
Even though the bank won’t be the first to offer BTC futures contracts, Goldman Sachs’ decision may as well be a bullish sign for the King of Crypto and may increase the interest in crypto markets.
The trading desk will be part of the bank’s US Global Markets division. It remains to be seen whether Goldman Sachs will offer contracts only for BTC or will deal in other cryptocurrencies as well.
Futures contracts oblige those who buy an asset to purchase it at a given price at a later date, which helps the liquidity grow in a given market. They are used to hedge against price swings as well as for speculation. Intercontinental Exchange Inc., CME Group Inc., and Fidelity are a few examples of financial titans that have traded futures contracts for quite some time now.
The step Goldman Sachs has taken gains even greater significance as it shows the growing interest in crypto among big names on Wall Street.