The crypto sector is going through its deepest crisis and many cryptoassets have tanked in value. However big financial institutions like Goldman Sachs continue to put their money into digital assets and continue to make positive moves. The last month has seen the crypto sector being hit by a cataclysm with terrifying regularity starting with the Terra crash.
Goldman Sachs’ First Tentative Step Into Bitcoin Futures Trade In Asia
Wall Street giant Goldman Sachs has taken its first step and Sachs traded the first block trade of Bitcoin futures in Asian markets, as per Bitcoin Magazine. Goldman Sachs First Foray On Asian Bitcoin Product was effected on Tuesday when Wall Street giant Goldman GFI Securities, a subsidiary of BGC Partners revealed that it executed the first-ever intermediated block trade of CME Group Bitcoin options contracts in Asia. Goldman Sachs concluded the trade with Cumberland.
Brad Howell, chief executive officer of Asia Pacific for BGC, labeled BTC as a fast-developing asset class. Brad added that they are very happy to shake hands with Cumberland and Goldman Sachs to accomplish the first listed cryptocurrency futures and options block trade via CME Group in Asia and also actively cooperating with our global counterparties in building this fast-evolving asset class.
Cumberland Connecting Entities With Crypto
Cumberland is a crypto asset trading company that helps to connect financial institutions with the crypto space. Paul Kremsky, global head of Cumberland also informed that the entity is working to connect Bitcoin to a broader group of banks. Paul also revealed that Cumberland first established a cryptocurrency desk in 2014.
BGC is going to play a key role in making the surging asset class to a wider range of institutions. It will also
He added that will be a key partner in opening the growing asset class to a broader group It aspires to partner with banks, funds, and investors.
Goldman Sachs, despite the prevailing crypto sector being in a crisis, is open to growing opportunities for institutional players in the crypto-asset industry.