Goldman Sachs Group Inc is going beyond Bitcoin and progressing into Ethereum.
The investment bank plans to offer Ethereum options and futures in the coming months. The Head of Digital Assets at Goldman, Matthew McDermott, laid out the plans in a phone interview.
“We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point,” said McDermott. “We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.”
This expansion to Ethereum — preceded by a past announcement about the reopening of its crypto trading desk — displays Goldman’s acceptance of cryptocurrency. The desk is currently used as a platform for Bitcoin product offerings.
Goldman recently published a report titled “Crypto: A New Asset Class?”, which examines the technology’s potential to become an institutional asset class. In the report, Global Head of Commodities Research Jeff Currie suggested that Ethereum could become the number one chain in the future.