Goldman Sachs Executes 1st Bitcoin Futures Trade In Asia

Goldman Sachs executes first Bitcoin futures trade in Asia

Despite the fact that the cryptocurrency market is still recovering from its recent crash, large financial institutions are becoming more aware of the opportunities that the new asset class might provide.

One of them is the financial giant Goldman Sachs, which, according to a press release from brokerage service provider BGC Partners on July 5, performed the first block transaction of Bitcoin futures in Asia through the mediation of GFI Securities LLC.

According to the news announcement, Cumberland DRW LLC and Goldman Sachs worked together to organize the first-ever intermediated block transaction of CME Group Bitcoin futures contracts in Asian markets.

In response to the news, BGC’s CEO for Asia Pacific, Brad Howell, was cheerful about working with Cumberland and Goldman Sachs to achieve this goal.

“This transaction marks BGC’s continued commitment to expanding our cryptocurrency offering and to working with our global counterparties in developing this rapidly evolving asset class,” he said.

In anticipation of expansion in the crypto industry, the news release also stated that BGC planned to open voice/hybrid listed brokerage desks and electronic platforms in significant financial hubs.

However, Goldman Sachs has already expressed interest in integrating cryptocurrency into its business practices. The Wall Street giant, along with a number of other leading US banks, began investigating the use of Bitcoin as security for loans to institutions in December 2021, concentrating on futures and other synthetic cryptocurrency offers.

It’s also important to note that, despite first expressing skepticism toward the emerging industry, former CEO of the banking behemoth Lloyd Blankfein stated in late January that cryptocurrencies were changing and that Bitcoin’s fundamental value was advantageous to the whole financial sector.

Finally, in early April, Finbold reported on Goldman Sachs’ announcement that as part of its plans to introduce support for a “full spectrum” of digital assets, it would begin providing its clients with the first investment vehicles for Bitcoin and other cryptocurrencies in the second quarter of 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

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Hazel

CoinCu News

Goldman Sachs Executes 1st Bitcoin Futures Trade In Asia

Goldman Sachs executes first Bitcoin futures trade in Asia

Despite the fact that the cryptocurrency market is still recovering from its recent crash, large financial institutions are becoming more aware of the opportunities that the new asset class might provide.

One of them is the financial giant Goldman Sachs, which, according to a press release from brokerage service provider BGC Partners on July 5, performed the first block transaction of Bitcoin futures in Asia through the mediation of GFI Securities LLC.

According to the news announcement, Cumberland DRW LLC and Goldman Sachs worked together to organize the first-ever intermediated block transaction of CME Group Bitcoin futures contracts in Asian markets.

In response to the news, BGC’s CEO for Asia Pacific, Brad Howell, was cheerful about working with Cumberland and Goldman Sachs to achieve this goal.

“This transaction marks BGC’s continued commitment to expanding our cryptocurrency offering and to working with our global counterparties in developing this rapidly evolving asset class,” he said.

In anticipation of expansion in the crypto industry, the news release also stated that BGC planned to open voice/hybrid listed brokerage desks and electronic platforms in significant financial hubs.

However, Goldman Sachs has already expressed interest in integrating cryptocurrency into its business practices. The Wall Street giant, along with a number of other leading US banks, began investigating the use of Bitcoin as security for loans to institutions in December 2021, concentrating on futures and other synthetic cryptocurrency offers.

It’s also important to note that, despite first expressing skepticism toward the emerging industry, former CEO of the banking behemoth Lloyd Blankfein stated in late January that cryptocurrencies were changing and that Bitcoin’s fundamental value was advantageous to the whole financial sector.

Finally, in early April, Finbold reported on Goldman Sachs’ announcement that as part of its plans to introduce support for a “full spectrum” of digital assets, it would begin providing its clients with the first investment vehicles for Bitcoin and other cryptocurrencies in the second quarter of 2022.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

Join CoinCu Telegram to keep track of news: https://t.me/coincunews

Follow CoinCu Youtube Channel | Follow CoinCu Facebook page

Hazel

CoinCu News

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