Banking giant Goldman Sachs to Launch OTC Ether Options Trading

Multinational banking firm, Goldman Sachs Group Inc is set to launch the Over The Counter (OTC) options trading deal for Ethereum (ETH) as it continues to explore ways to meet up with its client’s demands. According to a Bloomberg report, the proposed launch of the product was confirmed by Andrei Kazantsev, global head of crypto trading at the bank.

Kazantsev also confirmed that plans are in place by the bank to launch cash-settled Ether options “in due course,” a statement made during a Goldman client webinar on Tuesday.

Engagements by multinational banks in the cryptocurrency ecosystem are not a new development and in a number of ways, many are exploring avenues to give their clients exposure to the emerging digital currency industry. In a bid to fulfill this new mandate, the bank launched and commenced OTC Bitcoin options trading last month in conjunction with Galaxy Digital, a move that has solidified its role as a big-ticket transaction broker in the broader financial industry.

Shifting Base From Bitcoin to Ethereum

Discussions at the New York-based bank have started shifting from Bitcoin to Ethereum, a relatively cheaper asset with even a wider range of utilities that is now considered an investment asset by a number of clients. In all of the acknowledgment about the bank’s customers demanding crypto-related products, Goldman Sachs does not offer a spot trading offering for either Bitcoin or Ether.

Goldman Sachs was arguably amongst the financial giants that maintained a pessimist outlook on Bitcoin in the early days. However, the narrative has changed today and Goldman Sachs is not only interested in the digital currency but is also pioneering a lot of moves that are stirring the broader acceptance of digital assets.

In a very bullish comment, Goldman Sachs said Gold is gradually becoming the poor man’s cryptocurrency as a lot of traditional and conservative investors are gradually moving their funds into the nascent asset class. The growing backing from outfits like Goldman Sachs is also a confidence boost for a number of institutional investors including MicroStrategy Incorporated which has continued to stack up on BTC as its Treasury Reserve Asset.