Investment bank Goldman Sachs is working on expanding its presence in the crypto space by offering its clients access to Ether options and futures contracts.
US-based investment bank Goldman Sachs announced yesterday it is working on offering Ether options and futures services to its clients. Mathew McDermott, Goldman’s head of digital assets, told Bloomberg that they expect to launch the service in a few months.
Goldman Sachs has been one of the most active traditional banks in the crypto space in recent months. McDermott told Bloomberg that the bank is looking to expand its presence in the market over the coming months and years.
The bank has already invested in a few crypto companies and is looking to do so again. “We are looking at a number of different companies that fit into our strategic direction,” McDermot added.
Goldman Sachs resumed its cryptocurrency services this year after pausing last year. The growing interest among institutional investors and its own client base was the major reason why Goldman Sachs decided to launch the service again. The service is focused on derivatives tied to the performance of the leading cryptocurrency, Bitcoin.
The investment bank also boosted its presence in the crypto market by investing in a few cryptocurrency companies. Goldman Sachs led the $15 million funding round for Coin Metrics, with McDermott joining the company’s board.
Goldman Sachs also took part in Blockdaemon’s Series A round, investing $5 million in the cryptocurrency startup. Institutional investors have increased their presence in the crypto space over the past year. Market growth and rising adoption have convinced numerous institutional investors to partner with key companies and service providers in the sector.