Goldman Sachs plans to offer ether futures, options to its clients

[Leviathan.007]

Bloomberg said in a report on Monday that Goldman Sachs plans to expand its cryptocurrency offerings to the bank's customers by offering options and ether futures contracts. The publication quoted Matthew McDermott, chief financial officer of Goldman Sachs, as saying the move was expected to take place in the next few months.
As previously reported, Goldman Sachs re-launched its cryptocurrency services this year to increase the interest of institutional investors and customers of the bank. These offers are primarily based on cryptocurrency-related derivatives such as bitcoin.
Megabank Wall Street has also taken steps in recent days to strengthen its investments in cryptocurrency market. Goldman Sachs raised $ 15 million for Coin Metrics, and McDermott joined the startup after the deal.
Goldman Sachs was among the investors in the Blockdaemon Serie A round of funding, with $ 5 million out of a total of $ 28 million donated. According to Bloomberg, Goldman Sachs seems to be considering other options for investing in cryptocurrencies.
“We are looking at a number of different companies that fit into our strategic direction,” McDermott told the publication.


Source: https://www.theblockcrypto.com/linked/108364/goldman-sachs-ether-derivatives-plans-bloomberg

[avikz]

It's good that an age old established banking organization is planning to incorporate crypto related services in their offerings. But I believe they are going to roll out initially for only corporates, not for individuals. But I think it is just a field trial they want to do before rolling out to the common population.

But we have just started to see the changes. Long way to go!

[UKprod]

Many banks in exchanges in the US are leading in the path of creating crypto exchanges and investment products which is a good sign for all of crypto. These banks and financials institutions lead as a flag bearers for smaller firms to look in to crypto investment. Further, this also increases the market capitalization of some of the crypto leading to a more stable and mature market.

I only hope that banks and financials institutions across the globe come up with similar products.

[TeQuiero]

On one hand, it's a good sign that cryptocurrencies are becoming more and more accepted worldwide. Goldman Sachs, then JP Morgan, Wells Fargo... will follow to offer ETH futures. On the other hand, ETH price will be more volatile, like BTC did in the early days when it was first featured on CME. But that way, cryptocurrencies are just a kind of asset, which is far from its "currency" nature.

[dataispower]

Good thing coming all over once more, I'm glad banks are beginning to be exposed towards the Incredible benefits of cryptocurrencies. ETH 2.0 hopefully will disassociate critiques from the uprising benefits hidden in Defi projects.

[Fundamentals Of]

Crypto has gone more mainstream with this news. This is now cryptocurrency adoption, not just Bitcoin adoption, as probably was the thing of the past. Ethereum has proven its worth in the cryptocurrency community so it deserves to be treated with more importance. Goldman Sachs must have already been made aware that Ethereum has also a very large and solid body of supporters. We'll see how this planned product of Goldman Sachs is received by Ethereum fans.

[el kaka22]

If they actually end up doing this, then we are going to end up with something that is going to be crypto crashing in the future. We already have some shorters but the long futures at least covers that time to time, however whenever we have a big drop, even a bigger drop ends up becoming a problem because of the liquidation.

I remember just recently price went up so much that 6+ billion dollars worth of money all got liquidated, what does that mean? 6 billion dollars worth of bitcoin was sold and bought USDT with it automatically, all to cover shorters.

If goldman sachs does it, then they are not going to handle just a few billions, they could handle as much as hundreds of billions of dollars, if they just move some of their clients there, we are screwed, go check out what is going on with GME and that is not even goldman sachs, it is just regular hedge funds, think how hard that would be in bitcoin/goldman sachs war.

[sunsilk]

When some institutions offered a bitcoin futures contract in late 2017, the market exploded and pumped. I also think that it's one of the contributors to why the market reached that point of an all-time high.

It's good to see that Goldman Sachs keeps on supporting crypto and not going on its way but this is a really different thing from the usual spot market that we have. But with this, it gives an idea and to their customers that cryptocurrencies and making a futures contract of it make it real. I just hope that not so many of their customers will be burned.

[btc_angela]

When some institutions offered a bitcoin futures contract in late 2017, the market exploded and pumped. I also think that it's one of the contributors to why the market reached that point of an all-time high.

Yeah, CME and CBoE bitcoin future contracts, but it also contributed to the bubble being burst.

It's good to see that Goldman Sachs keeps on supporting crypto and not going on its way but this is a really different thing from the usual spot market that we have. But with this, it gives an idea and to their customers that cryptocurrencies and making a futures contract of it make it real. I just hope that not so many of their customers will be burned.

Still a lot of intricacies for average Joe traders. And I think it will be offer for corporate first not to individuals. But we will see what it can bring in the market as a whole. It could push the alt coin market and then goes to another bubble, so let's see.

[dhemasm]

That was good, Goldman Sachs is one of the biggest banking services out there and glad they will consider Cryptocurrency option especially Ethereum Futures Contract on their services and from this we can see that Crypto still have big potential, It's about time before other institution doing this and let's hope everything will be good, Cheers!

[sunsilk]

When some institutions offered a bitcoin futures contract in late 2017, the market exploded and pumped. I also think that it's one of the contributors to why the market reached that point of an all-time high.

Yeah, CME and CBoE bitcoin future contracts, but it also contributed to the bubble being burst.

Yes, the bubble burst during that time and that's why people have thought of bitcoin as a bubble even until today.

It's good to see that Goldman Sachs keeps on supporting crypto and not going on its way but this is a really different thing from the usual spot market that we have. But with this, it gives an idea and to their customers that cryptocurrencies and making a futures contract of it make it real. I just hope that not so many of their customers will be burned.

Still a lot of intricacies for average Joe traders. And I think it will be offer for corporate first not to individuals. But we will see what it can bring in the market as a whole. It could push the alt coin market and then goes to another bubble, so let's see.

We will see the impact of it but IIRC, they've already have this plan exposed before but now that it had came into reality. There's going to be the awaited moment for Ethereum. The ATH of ETH can be surpassed, I think. 

[NewRanger]

That was good, Goldman Sachs is one of the biggest banking services out there and glad they will consider Cryptocurrency option especially Ethereum Futures Contract on their services and from this we can see that Crypto still have big potential, It's about time before other institution doing this and let's hope everything will be good, Cheers!

i know it is good news for us if one of biggest bank come to crypto currency market and provide its services for their client. but did we ever thinking about the effect  when banking start entering any finance market ? manipulation in price by spreading fud will more occur in order to get cheap price. and its condition will happen to us , they will use power and another resources to realized their goal. remember , they want to earn as much as profits for their client.