Prominent bank, Goldman Sachs revealed that it would be elevating its crypto trading service with the inclusion of Ether [ETH].
Ethereum [ETH] witnessed a prominent plunge over $1K all the way on to an all-time high of $4K. The altcoin certainly stood out during the last crypto rally overshadowing several assets. While the latest bear invasion destroyed the gains amassed by coins like Bitcoin [BTC], Binance Coin [BNB], and many others, Ethereum managed to retain itself at $2.5K.
Even though Bitcoin remains the most popular cryptocurrency, many have been eyeing Ethereum as well as other cryptocurrencies. Goldman Sachs seemed to be the latest platform expressing interest in onboarding another crypto asset apart from Bitcoin.
Goldman Sachs’ head of digital assets eyes Ether
Speaking with Bloomberg, the head of digital assets at Goldman Sachs, Mathew McDermott revealed that the bank was looking forward to offering futures as well as options trading in Ether. While the bank had previously made news for embracing Bitcoin, its latest move comes as a plunge towards the same.
McDermott detailed,
“We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point. We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective.”
With volatility striking the crypto market, the price of cryptocurrencies witnessed a massive fall. This further insinuated several investors to pull out from the industry. Goldman Sachs, however, seemed to be sure about its venture into the crypto-verse. McDermott stressed how the interest in crypto would prolong without a stop despite the price change of digital assets.
He added,
“Institutional adoption will continue. Despite the material price correction, we continue to see a significant amount of interest in this space.”
The bank’s crypto-friendly moves over the last couple of months have certainly lured investors into the market.