Ethereum (ETH) the future of crypto: For this banking giant, that's a big yes

By: Bharggavi Ssayee

June 17, 2021 2:52 AM

Goldman Sachs Broadens Its Horizons - With the rise in Bitcoin's price in recent months, more and more institutions are turning their eyes to it. Banking giant Goldman Sachs is one of them and doesn't seem to want to stop at BTC. Now, his heart is also inclined towards Ethereum.

Goldman Sachs flips his jacket

Goldman Sachs has long been extremely critical of cryptocurrencies. However, the banking giant has shifted its financial leanings, taking a closer look at Bitcoin.

Thus, last May, the bank introduced a new financial product: Bitcoin NDFs. This is a variant of futures contracts, in which the buyer of the product will be paid in dollars upon expiration rather than BTC.

However, its interest does not end with derivatives. Indeed, in addition to these, the bank has started to invest heavily in ecosystem companies. First, Goldman Sachs led the round of investment organized by CoinMetrics, which raised the company $ 15 million. Later, she also participated in the fundraiser of the Blockdeamon company specializing in staking.

After Bitcoin, it's time for Ethereum!

According to information relayed by Bloomberg on Monday, June 14, it would appear that after Bitcoin, Goldman Sachs is interested in the smart contract blockchain, Ethereum.

Indeed, the establishment is about to offer futures contracts as well as Ethereum options. According to Mathew McDermott, Head of Digital Assets, these new products should be available in the coming months:

“We have actually seen a growing interest from clients who are keen to trade because they find current levels to be a little more acceptable entry point. "

In practice, Goldman Sachs is not the only super-bank to turn to cryptocurrency. Indeed, the giant Black Rock had also changed its point of view on cryptocurrencies following the recent price increases across the market.