One of the investment banking first, Goldman Sachs, is now mulling to expand its financial services to include future trading in the second leading cryptocurrency Ethereum’s Ether tokens. According to a report from Bloomberg, the investment giant will release the Ether future trading options by the end of Q3 2021.
Goldman Sachs had earlier started offering future trading options for Bitcoin earlier in the year. Mathew McDermott who is the head of the digital assets business at Goldman Sachs confirmed plans to launch Ethereum futures trading. Goldman Sachs has been endorsing cryptocurrencies for quite some time. They have also invested in Blockchain-based startups. Earlier in the year in May, Goldman Sachs invested $15 million in a blockchain analytics startup Coinmetrics.
Talking to Bloomberg McDermott said that they have seen a “ lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point.”
“We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective,” he added.
According to McDermott, about 10% of Goldman Sachs’ clients are already investing and trading in cryptocurrencies. Reports also suggest that a significant majority of millennial investors are investing in digital assets. With Goldman Sachs extending its support for Ethereum futures trading, it is clear that institutional investors are not shying away from adopting cryptocurrencies.