US banking giant Goldman Sachs has officially confirmed its plans to revive the cryptocurrency trading platform amid growing demand from investors.

Matt McDermott, Head of Digital Assets, Global Markets Division at Goldman Sachs, announced that the company will provide access to CME Bitcoin (BTC) futures contracts on a future crypto platform. On Friday on the stock exchanges in the Goldman Sachs podcast, the CEO also indicated that Goldman Sachs will offer crypto services with non-deliverable futures contracts, or NDFs, which are cash settlements, usually short-term futures contracts.

McDermott indicated that the cryptocurrency platform Goldman Sachs will initially be limited to these two products, and notes:

“We actually live with this cryptocurrency trading department, which at first will be very tight, but we will focus on CME and non-delivered futures contracts. We now also distribute bitcoin content to our institutional customers through the Marquee platform. ”
According to McDermott, Goldman Sachs’ transition to cryptocurrency is in response to growing customer demand. Referring to an internal survey of nearly 300 customers, the CEO said that 40% of Goldman Sachs investors currently have access to cryptocurrencies. He said: “It actually sounded a bit loud to me, but I felt that it partly reflects the demand we have seen in the last three to six months.”

The CEO also says that 61% of Goldman Sachs customers surveyed expect the holdings of digital assets to increase next year. In particular, McDermott said that 76% of respondents see bitcoin expiring in 2021 for $ 40,000 to $ 100,000. However, only 22% expect Bitcoin to exceed $ 100,000 by the end of 2021, he noted.

Goldman Sachs originally wanted to set up a cryptocurrency trading division in 2018 and announce the plan at the end of 2017. At that time, Bitcoin was at its previous highest levels after reaching $ 20,000 in December 2017. Following the subsequent sale. … Crypto Markets Goldman Sachs was rumored to have canceled plans for a crypto office in 2018. Finally, Goldman Sachs CEO David Solomon vehemently denied that the bank had plans to open a cryptocurrency trading point in 2019.

In a recent interview, McDermott pointed out that the current crypto landscape is very different from 2017 in terms of increasing institutional demand. “2017 was predominantly retail. This time we saw a huge volume of institutional demand in a wide range of industries.

Source: CoinTelegraph