The crypto market is growing rapidly with more players coming into the space. Notably, institutional investors are also joining the trillion-dollar market and increasing the credibility of the nascent industry.
Based on a new report, Goldman Sachs is now offering trading with non-deliverable forwards. The investing banking giant has allegedly opened up futures trading on Bitcoin to Wall Street executives. Bloomberg Law said in April that the investment company started offering trading with non-deliverable forwards, a derivative that is tied to the price of bitcoin.
At the time of writing, Bitcoin is hovering around $56,000 awaiting the next price action. Notably, investors can get paid in fiat. Goldman Sachs allegedly lessens its risk to the cryptocurrency asset’s infamous volatility by buying and selling BTC futures in block trades offered on the Chicago Mercantile Exchange (CME) Group.
This trading process is using the cryptocurrency trading unit DRW Holdings, Cumberland. Goldman Sachs has been allegedly increasing its exposure to the crypto market after the price surges in tokens and institutional investors like Tesla adopting cryptos. Rumors have increased that the investment company now plans to set up a crypto trading desk after it first announced one during the 2017 bull run.