Investment bank Goldman Sachs is expanding its crypto footprint by preparing to offer its clients options and futures on Ether.
Goldman Sachs announced this week that it is working to provide Ether options and futures to its clients. Mathew McDermott, the bank’s head of digital assets, told Bloomberg that the firm expects to launch the service in the coming months.
In recent months, Goldman Sachs has been one of the more active traditional banks in the cryptocurrency sector. McDermott said the bank plans to grow its presence in the market over the next several months and years.
The bank has already invested in a number of crypto-related companies and is evaluating additional opportunities. “We are looking at several different companies that align with our strategic direction,” McDermott added.
Goldman Sachs reinstated its cryptocurrency services earlier this year after pausing them last year. The return was driven primarily by rising interest from institutional investors and the bank’s own client base. The revived offering focuses on derivatives tied to the performance of the leading cryptocurrency, bitcoin.
The investment bank has also increased its market involvement through direct investments. Goldman Sachs led a $15 million funding round for Coin Metrics, and McDermott joined the company’s board. The firm also participated in Blockdaemon’s Series A round, investing $5 million in the crypto infrastructure startup.
Institutional investor participation in the crypto space has grown significantly over the past year. Market expansion and broader adoption have encouraged many institutional players to partner with key companies and service providers across the industry.