Although relative non-action in crypto markets has continued, with prices stagnating en-masse, prominent institutions, such as Goldman Sachs and Tiger Global, still seem ready to pounce on what this nascent industry has to offer.
Goldman Sachs Onboards Exclusive Investors For Bitcoin Products
Per an insider scoop from The Block, Wall Street’s golden child, Goldman Sachs, recently began to onboard a “small number” of institutional clients to test the waters for Bitcoin (BTC) non-deliverable forward contracts. The vehicle, which is a futures-tied derivatives instrument, will reportedly be the first on Goldman’s rumored crypto-centric trading desk, which was first hinted at in May 2018.
Along with apparently offering the aforementioned BTC-related contracts, the multinational financial services firm is supposedly also looking into ways to provide custodial support for the crypto assets held by its clients, confirming previous reports on the matter.
Interestingly, however, the individual familiar with Goldman’s operations claimed that rumors pertaining to an Ether (ETH) futures-tied contract were inaccurate. As noted by The Block, the U.S. Commodity Futures Trading Commision (CFTC) has yet to unveil its support for Ether futures, supporting the insider claim that Goldman isn’t poised to launch a vehicle linked to the second-most popular crypto asset.
Regardless, taking this development into account, optimists have claimed that Goldman Sachs has a high likelihood of only furthering its involvement in this nascent market as time elapses, bolstering the maturation of this now-10-year-old market.
Funding Secured: Coinbase Concludes Series E Round
After weeks of rumors surrounding Coinbase’s supposedly swelling valuation, on Tuesday, the cryptocurrency upstart’s president, Asiff Hirji, finally divulged that the organization had concluded its Series E financing round.
This most recent round of funding sees the startup’s coffers add $300 million in investment capital at a valuation of $8 billion, confirming the aforementioned rumors. This equity round, which occurred amid a harsh bear market, was led by Tiger Global, with Y Combinator Continuity, Wellington Management, Andreessen Horowitz, and Polychain also throwing funds in Coinbase’s metaphorical crock pot.
With this boatload of funding, Hirji noted that Coinbase intends to accelerate its plans to expand globally, (quickly) add more digital assets, build more utility applications for this industry, and facilitate the arrival of institutions into crypto.
Wall Street’s BlackRock Hesitant To Back Bitcoin ETF, Waiting For “Legitimacy”
Speaking at the New York Times DealBook Conference, Larry Fink, CEO of BlackRock, claimed that his firm is hesitant
Discussion about this post