The derivatives it traded, bitcoin futures and non-deliverable forwards, are ways to wager on the price of bitcoin. The contracts are settled in cash and don't require that Goldman deals with actual bitcoin, called "physical bitcoin" in the industry, because the bank isn't yet in a position to do so, Venkataraman noted in the memo.
As part of our initial launch, we have successfully executed Bitcoin NDFs and CME BTC future trades on a principal basis, all cash settling. Looking ahead, as we continue to broaden our market presence, albeit in a measured way, we are selectively onboarding new liquidity providers to help us in expanding our offering.
In addition, yesterday we launched our Digital Assets dashboard which provides daily and intraday cryptocurrency market data and news to our clients. We invite you to highlight the dashboard to your clients. For more information on trade approval and onboarding, contact the Digital Assets team. Please note, the firm is not in a position to trade bitcoin, or any cryptocurrency on a physical basis.Become a smarter investor withSign up to start a
Why would trading crypto require a team? This is the problem, you want an alternative new-age currency, but what you have is a 100 'currencies' competing on a 24 hour casino market.
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