According to one source from “The Block”, investment bank Goldman Sachs is said to have invited some of its clients to commit to future crypto products.
The New York investment bank announced in May that it would offer non-deliverable forwards (NDFs) in the future. These are genuine, albeit non-deliverable, forward contracts for which a settlement payment is due on the due date. The peculiarity of the NDFs planned by Goldman Sachs is that the compensation payment must be made in Bitcoin. This would allow US investors to trade bitcoin through the contracts even if the US government banned crypto exchanges.
According to “The Block”, however, the source objected to earlier information from another publication. At the time, it was said that Goldman Sachs wanted to issue similar type of NDF contracts based on Ethereum. In addition, there was an announcement from the Chicago Options Exchange CBOE that Ethereum would offer covered futures contracts earlier this year. So far, however, such a product has not yet appeared.
Goldman Sachs says that the market is looking for crypto-NDF contracts. The bank turns to its clients, including senior bankers and institutional traders. So you want to clarify how a Bitcoin NDF can be brought to market. The source reportedly told The Block that Goldman Sachs' clients did not necessarily search for a Bitcoin NDF. That does not mean that they are not interested in the market, it said.
Regulated US trading platforms, including CBOE and CME Group, already offer crypto-based futures derivatives. Both option exchanges have already expressed their interest in crypto futures. Observers therefore assume that both expand their offer in the long term. In particular, the CBOE has stated that it wants to become the leading force in the market for crypto derivatives. Competitor CME, on the other hand, seems less enthusiastic.
But there are also developments outside the CBOE and the CME. These include, for example, Bakkt, a crypto start-up run by the owner of the New York Stock Exchange (NYSE). Bakkt has announced that it will offer its first Bitcoin derivative product on December 12 of this year. In doing so, the company ensures that traders can physically pay compensation for the product. This means that on the due date, Bitcoin really flows between the parties involved.
Another platform for crypto derivatives is LedgerX. There they want to offer a futures contract, which are covered by Ethereum. So far, however, the company is still waiting for a permit. This is to be issued by the US regulator Commodity Futures Trading Commission (CFTC).
Sources: The Block 1, ICE Futures U.S., The Block 2, Pixabay
Author: Peter Joost – Source Post: https://www.kryptovergleich.org/offer-goldman-sachs-bald-produkte-auf-bitcoin-basis-an/
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