Despite the cryptocurrency market still reeling from the collapse it has gone through in the past weeks, major financial institutions are increasingly recognizing the opportunities that the new asset class can offer.
One of them is the banking giant Goldman Sachs (NYSE: GS), which has executed the first block trade of Bitcoin (BTC) futures in Asia, through the intermediation of GFI Securities LLC, a subsidiary of brokerage provider BGC Partners, according to a press release published on July 5.
As per the press release, this is the first-ever intermediated block trade of CME Group Bitcoin options contracts in Asian markets, and it was arranged between Cumberland DRW LLC and Goldman Sachs.
Commenting on the announcement, CEO Asia Pacific for BGC Brad Howell expressed optimism about partnering with Goldman Sachs and Cumberland to this end, adding that:
“This transaction marks BGC’s continued commitment to expanding our cryptocurrency offering and to working with our global counterparties in developing this rapidly evolving asset class.”
Nicenko, A. (2022, July 6). Goldman Sachs executes first bitcoin futures trade in Asia. Finbold. Retrieved July 7, 2022, from https://finbold.com/goldman-sachs-executes-first-bitcoin-futures-trade-in-asia/