Breaking: Goldman Sachs re-opens cryptocurrency trading desk
|- Goldman Sachs Group Inc has announced the re-opening of cryptocurrency trading.
- Starting next week, the platform will support Bitcoin futures and non deliverable forwards.
- Additionally, the bank is also looking into the potential of a Bitcoin Exchange Traded Fund (ETF).
Bitcoin trading has exploded in the past several months. The digital asset has just broken the $50,000 level for the first time ever and hit $1 trillion in market capitalization. It seems that this recent activity has sparked the interest of big institutions again.
The trading desk reboot comes amid growing interest by institutions in bitcoin, which has soared more than 470% over the past year. The largest cryptocurrency is seen by investors and some companies as a hedge against inflation as governments and central banks turn on the stimulus taps.
Back in 2018, Goldman Sachs first opened a crypto trading desk, right after Bitcoin bull run into one of the worst bearish markets of the digital asset.
However since then many large institutions have invested in Bitcoin, including the giant electric car manufacturer Tesla, which invested $1.5 billion.
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