Banking Giant Goldman Sachs Plans to Launch Crypto Trading With Bitcoin Futures, CBOE Files for Bitcoin ETF

Institutional developments in and around Bitcoin (BTC) are taking place at an unprecedented rate. On Monday, March 1, Reuters reported that Wall Street banking giant Goldman Sachs is planning to launch its crypto trading desk ahead this month.

This is Goldman’s second attempt of launching a crypto trading facility the first one being three years back in 2018. As per the report, Goldman’s crypto trading team will sit within the U.S. bank’s Global Markets division. The crypto trading desk will serve as a market maker for buying/selling securities on behalf of clients but not actively managing the cryptocurrencies by themselves.

The crypto trading desk will be Goldman’s effort towards making inroads into the fastest growing digital assets sector. The person familiar with the matter said that this will include projects concerning blockchain technology as well as central bank digital currencies (CBDCs).

Going further, the source revealed that the bank is going ahead with establishing its own digital asset custody thereby planning to launch a Bitcoin exchange-traded-fund (ETF) ahead some time.

Bitcoin, the world’s largest cryptocurrency is already emerging as a hedge against the growing inflationary pressure. The cryptocurrency is already up 60% year-to-date and more than 470% over the last year.

As said, a large number of companies are developing more affinity towards the world’s largest cryptocurrency. Recently, banking giant Citibank said that Bitcoin will serve as the ‘currency of choice’ for global trade in future. It also added that Bitcoin is at the ‘tipping point of mainstream adoption’.

In another major development, the CBOE Global Markets Inc. has applied for a Bitcoin exchange traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). In its filing with the SEC on Monday, March 1, CBOE noted that it will list and trade shares of the VanEck Bitcoin Trust.

The securities regulator has acknowledged receiving the application and said that it is currently under a review process. Within 45 days the SEC will either approve or disapprove the proposal or can even consider extending the decision to a maximum of 240 days.

Last week, digital asset manager NYDIG also filed for a Bitcoin ETF with the U.S. SEC. Investors are eagerly waiting for the launch of a Bitcoin ETF in the U.S. market. On the other hand, Canadian regulators have already started approving Bitcoin ETFs with the Purpose Bitcoin ETF registering stellar trading volumes since its debut.