Wall Street banking giant Goldman Sachs is planning to open a Bitcoin futures trading operation in the next new weeks, The New York Times has reported.
According to a Wednesday report by the newspaper, Goldman will use its own money to trade BTC futures on the behalf of its clients. While the launch date of the new operation is not yet determined, the initiative has been approved by the bank’s board of directors. Goldman also plans to create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients, the NYT said.
The newspaper quoted Rana Yared, one of the executives overseeing the creation of the trading operation, who said that she would not describe herself “as a true believer who wakes up thinking Bitcoin will take over the world.”
“For almost every person involved, there has been personal skepticism brought to the table,” she added.
Yared also said that Goldman had concluded Bitcoin is not a fraud and that it did not have the characteristics of a currency. However, the bank has seen a growing number of clients showing interest in holding the digital coin as a commodity, which was what motivated its decision to create a Bitcoin futures operation.
“It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value,’” Yared said, as quoted by the NYT.
Goldman has an ongoing involvement with the cryptocurrency space, clearing Bitcoin futures for clients. The bank also hired its first “digital asset” trader, Justin Schmidt, two weeks ago. He will be initially placed on Goldman’s foreign currency desk, as the bank will first need to secure approval from US regulators, in order to trade digital currencies directly.
In today’s trading, the Bitcoin price stood at $9,220.15, as of 09:41 BST. The digital coin has gained 0.6% in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap.
For further information on how to buy and trade Bitcoin, see our comprehensive Bitcoin guide.