Goldman Sachs (NYSE: GS), through the intermediation of GFI Securities LLC, a subsidiary of brokerage provider BGC Partners carried out the first block trade of Bitcoin (BTC) futures in Asia. According to a news statement released on July 5, Cumberland DRW LLC and Goldman Sachs worked together to organize the first-ever intermediated block trade of CME Group Bitcoin futures contracts in Asian marketplaces. In response to the news, BGC’s CEO for the Asia Pacific, Brad Howell, expressed optimism about working with Cumberland and Goldman Sachs to achieve this goal, noting that: “This transaction marks BGC’s continued commitment to expanding our cryptocurrency offering and working with our global counterparties to develop this rapidly evolving asset class.” In anticipation of expansion in the bitcoin industry, the news release also stated that BGC planned to open voice/hybrid listed brokerage desks and electronic platforms in important financial centers. Goldman Sachs Interested in Crypto Future However, Goldman Sachs has previously expressed interest in integrating cryptocurrency into its business practices. The Wall Street titan, along with several other leading US banks, began investigating the use of Bitcoin as security for loans to institutions in December 2021, concentrating on futures and other synthetic cryptocurrency offers. It’s also important to note that, despite first expressing skepticism toward the emerging industry...
