The head of global crypto trading at Goldman Sachs said that the bank plans to include OTC options on the leading altcoin Ethereum in its crypto products. Here are the details…
Goldman Sachs heads to the leading altcoin project
It is reported that the bank’s customers’ interest in ETH has increased especially since the last network updates. During a webinar, Andrei Kazantsev said that OTC options trading of Ethereum will happen soon, given that Goldman is already offering OTC Bitcoin options trading. Bloomberg states that the bank’s customers are turning their attention to ETH and seeing it as an investmentable asset is increasing. It was also noted that Ethereum had a successful 2022 with the price of the asset increasing by over 30 percent since mid-March.
A few key technical developments are blamed for this increase, including the “consolidation” that took place on the testnet, meanwhile. More upgrades are expected throughout the year. Consolidation will happen on the mainnet next year, making the network faster and cheaper. This will be vital to the healthy growth of the Ethereum network as DeFi usage increases. As Cryptokoin.com previously reported, Goldman Sachs has also submitted a DeFi ETF application to the United States Securities and Exchange Commission.
What does OTC trading mean?
OTC transactions usually involve large transactions and are intended for institutional traders. The bank’s foray into OTC crypto options highlights the growing interest in crypto from major trading companies that make up the majority of Goldman’s clients, according to experts. The bank does not offer spot crypto trading, but does offer access to crypto ETFs and options trading. Institutional traders often prefer to invest in crypto through a broker rather than holding tokens directly.
Meanwhile, before ETH was upgraded to 2.0, ETH was bullish in terms of trading. Staking, low energy and computational requirements are expected to make the token much more accessible. According to Arthur Hayes, co-founder of BitMEX cryptocurrency exchange, these features could potentially push ETH prices above $10,000 by the end of the year. ETH was trading at $3,341 at the time of writing, down 5.2 percent.
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