United States investment bank Goldman Sachs plans to offer Ether (ETH) setting the stage for widespread adoption of derivatives products, the second largest cryptocurrency, in the coming months and marking a significant departure from the institution’s critical stance on digital assets in the past.
Goldman’s digital assets managing director Matthew McDermott confirmed Monday that the investment bank is expanding into ether options and futures. In an interview with Bloomberg News, McDermott said Institutional demand for cryptocurrencies will continue to grow despite recent market volatility:
“Institutional adoption will continue. […] Despite the material price correction, we see a lot of interest in this area.”
McDermott cited a survey of 850 institutions last week in which about 10% of respondents said they are trading crypto, and 20% are interested in entering the market.
Institutional inflows into Ether products amount to About $1 billion this year aloneAccording to CoinShares, the total assets are approximately $11.1 billion.
Goldman Launches a Limited Bitcoin (B T c) Derivatives Trading Desk in early may. The new organization is embedded within the bank’s Global Currency and Emerging Markets division and oversees McDermott’s digital-asset unit.
Goldman’s embrace of digital assets goes far beyond its trading desk. As Cointelegraph reported, the bank recently led $15 million investment round for Coin Metrics, a leading cryptocurrency intelligence platform. McDermott said Goldman is looking at “many different companies that fit our strategic direction.”