American investment bank Goldman Sachs introduced a new product based on Bitcoin. According to information platform Bloomberg, now the company’s customers will be able to earn on the fluctuations of the main digital coin, receiving the calculation in fiat money. When buying futures on the cryptocurrency, the date and price of the transaction are stipulated in advance.
Wall Street banks were initially skeptical of bitcoin, believing the cryptocurrency to be more suitable as a means of payment for the darknet than for regular payments. Recently, however, financial institutions have softened their stance on digital assets. The increased investor interest in Bitcoin and the astronomical growth of Bitcoin since the beginning of 2021 have contributed to this. For example, Morgan Stanley and JPMorgan banks are already working on BTC trust products.
“Institutional demand in this area continues to grow significantly, and being able to work with partners like Cumberland will help us expand our capabilities,” says Max Minton, who heads Goldman’s digital assets division in Asia Pacific.
Cryptocurrencies have recently been actively approaching the role of a common means of payment. Despite this, banks remain wary of the difficulties associated with holding digital assets directly. Goldman minimizes such problems because bitcoin derivatives are settled in fiat money.