Goldman Sachs has revealed its entry into the bitcoin futures market. Information in the foreign press shows that Goldman Sachs will list bitcoin futures trading on the Chicago Mercantile Exchange (CME) in addition to it also offers derivatives trading in bitcoin non-deliverable forward (Non-deliverable forward), and does not offer bitcoin spot trading. Although no media disclosure was made, the derivatives trading is Goldman Sachs’ first foray into the digital currency space.
This foray by Goldman Sachs signifies an acceleration of movement by the veteran financial giant. Goldman Sachs comes from a global talent pool that will have a great impact on digital currencies, blockchain and even CBDC projects in Europe, the US and Japan.
Goldman Sachs restarts cryptocurrency trading team
Foreign media sources show that Goldman Sachs partner Rajesh Benkataramani revealed in an internal memo that he has formed a cryptocurrency trading team. The team is responsible for buying and selling various assets in world currencies and emerging countries. The team was actually established in 2018, but for some reason there has been no activity.
On March 11, with the active digital currency investment market, coupled with the entry of large institutions and numerous capital, Goldman Sachs was forced to reactivate the cryptocurrency trading team. Last week’s declaration also took Goldman Sachs another step forward.
In fact, last month, an internal Goldman Sachs memo was shown saying that it planned to offer bitcoin and other digital asset investment vehicles to clients in the second quarter. At the time, Goldman filed an application to offer ETF-linked notes that could be linked to cryptocurrencies, particularly bitcoin. the SEC filing shows that Goldman plans to issue $15.7 million in ETF-linked bonds.
New U.S. SEC Chairman Also Comes From Goldman Sachs
Gary’s positive attitude towards the digital currency market and his announcement of an aggressive regulatory approach has led to more aggressive action by big institutions, all ready to step in. For more details, please refer to the previous report of Chaintech: US SEC Chairman Gary Gensler: Big institutions’ opinion analysis tools, shouting orders and exchanges should be regulated
Just half a month ago, Morgan Stanley also announced that it would launch a bitcoin investment fund for its clients, becoming the first major U.S. bank to offer a bitcoin fund to its clients; Citibank also said in an interview with the Financial Times that it was considering entering the cryptocurrency trading and custody business; and Bank of New York Mellon, a major U.S. financial firm, has announced the launch of its custody business.
However, on May 7, Goldman Sachs launched a digital asset dashboard to provide clients with daily and intraday cryptocurrency market data and news, according to a Goldman Sachs memo. It happens to bump into the use of investment analysis tools such as the opinion analysis tool that Gary desperately wants to manage, and presumably needs to be looked at in more depth in terms of specific settings.
However, it should be noted that Goldman Sachs, as a top institution in the investment world, has contacts scattered around the world, and even Gary, who just took office, is from Goldman Sachs.
How does Goldman Sachs’ global network of talent work?
In addition to these shallow direct relationships, let’s look at the industry-wide Goldman Sachs talent network.
Last week, Galaxy Digital, a cryptocurrency company, acquired BitGo for $1 billion, knowing that Galaxy’s CEO Michael Novogratz is a former Goldman Sachs partner. After the merger, parent company Galaxy Digital said the company is undergoing a major restructuring and returning to the U.S. market. It goes without saying how much of a role the Goldman Sachs brand played in this.
In April, Coinbase, the number one digital currency stock, was also handled by Goldman Sachs, and one of its co-founders is Goldman Sachs-born Fred Elsam.
Although there has been a lot of flak for the unprecedented reuse of Goldman Sachs-born people under the Trump regime, Goldman Sachs-born financial talent is not only an industry leader, but also has very solid connections.
In Japan, it is even more so.
The Goldman Sachs system in the Japanese digital currency exchange market
The founder of Japanese digital currency exchange BitFlyer, Yuzo Gana, is also from Goldman Sachs, so when the Japanese digital currency trading field turned upside down in 2017, Yuzo Gana decisively turned around and went to the United States, setting up a U.S. branch and laying out in Europe as well. Specific reference can be made to the previous article of Chaintech: the last day of the fiscal year Japan’s digital currency trading market reversal, bitFlyer 3 years for 3 handsome, Line data leakage under investigation.
After joining Goldman Sachs in 1990, he resigned in 1999 and started his own business.
The move by the veteran financial institution could lead to a series of new moves. Last August, after Goldman Sachs appointed Mathew McDermott as the top head of digital assets, he said in an interview with CNBC when he assumed his new role that all assets and liabilities will be built on blockchain technology in 5-10 years, and that he had already doubled the number of non-discriminators in Asia and Europe last year.
He has also taken Oli Harris, head of digital asset strategy at JP Morgan Chase JPMorgan, who is involved in the JPM Coin project, see the previous article on Chaintech: Visa enters CBDC, PayPal, MasterCard follows, and JP Morgan Chase can’t sit still.
The exchange of resources will re-blood bath this complex digital currency market seems to be a foregone conclusion, the participation of large institutions and famous people’s shouting orders make the original mixed blockchain field, digital currency trading market and central bank digital currency field more uncertain.
Posted by:CoinYuppie，Reprinted with attribution to:https://coinyuppie.com/to-change-the-sky-goldman-sachs-foray-into-digital-currency-futures-trading-means-a-new-bloodbath/
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