coinculture.com
According to a press release on July 5th, Goldman Sachs (NYSE: GS) performed the first block transaction in Bitcoin (BTC) futures in Asia via the intermediation of GFI Securities LLC, a subsidiary of brokerage firm BGC Partners.
Cumberland Linking Institutions With Crypto
Cumberland DRW LLC and Goldman Sachs conducted the first-ever block transaction of CME Group Bitcoin options contracts on Asian marketplaces, including an intermediary.
Brad Howell, CEO of Asia Pacific for BGC, expressed optimism regarding the partnership with Goldman Sachs and Cumberland. He said: “This transaction signifies BGC’s continued commitment to expanding our cryptocurrency offering and collaborating with our global counterparties to develop this rapidly evolving asset class.”
The press release also said that BGC intended to create electronic platforms and voice/hybrid listed brokerage desks in key financial hubs in anticipation of the sector’s expansion.
Goldman Sachs executes first Bitcoin futures trade in Asia. Image: Coincu
Goldman Sachs’ First Bitcoin Futures Trade In Asia
On the other hand, Goldman Sachs has already shown interest in incorporating cryptocurrency into its business. In December 2021, the Wall Street giant joined several leading U.S. banks in studying the use of Bitcoin as collateral for lending to institutions, focused on futures and other synthetic crypto offerings.
It is also worth mentioning that the former CEO of a banking behemoth, Lloyd Blankfein, stated in late January that cryptocurrencies were changing and that Bitcoin’s underlying value benefited the broader financial sector, despite his initial pessimism about the nascent industry.
As part of its intentions to deliver support for a complete spectrum of digital assets, Goldman Sachs said in early April that it would offer its first investment vehicles for Bitcoin and other cryptocurrencies to its customers in the second quarter of 2022.