Goldman Sachs is now allowing clients to sign its new Bitcoin (BTC) derivative product after confusing the media with conflicting reports for months. A recent report says that the investment banking giant is as of now allowing only a small number of institutional investors to invest in its Bitcoin non-deliverable forward contracts. However, the bank is not at all in a hurry to roll out its new tradable products.
New Bitcoin (BTC) derivative product offering available to selected few
According to Frank Chaparro, customers will have to call senior traders and bankers to get more insight about the new Bitcoin (BTC) derivative product offering. Apart from developing potential futures products, the giant bank has also vested interests in venture investments.
Recently Goldman Sachs led BitGo’s $57.5M Series B financing round. BitGo builds secure wallets for crypto markets. Previously, the bank joined hands with GV (formerly Google Ventures), Silicon Valley Bank, and Kleiner Perkins to raise $25 million investment in a blockchain-backed payment service, Veem, specifically dedicated to small businesses.
The company revealed the derivative Bitcoin product approximately a month after Morgan Stanley disclosed that it is preparing to offer BTC swap trading to its clients. The process will allow investors to handle the largest digital currency in the world without owning it. Both Goldman Sachs and Morgan Stanley have not disclosed the exact launch date for its BTC product. However, it is a clear indication that things are going to heat up in the coming days in the banking sector.
Other similar options in U.S. market
Just as Goldman Sachs is gearing up to launch its new Bitcoin (BTC) derivative product, regulated trading platforms in the country including CME and CBOE offer cash-settled, crypto-based future and future derivative products. Both these exchanges want to explore further options in crypto futures and want to assure the speculators that they will definitely expand their offering in the coming days. CBOE specifically is eager to lead the virtual currency derivative marketplace whereas CME is not as enthusiastic.