United Kingdom riddled with crypto scams
Owing to the lack of regulation and restriction in the United Kingdom, fraudulent companies have been flocking to the country.
Goldman Sachs is reportedly planning to offer Ether derivatives as a product in the next few months as part of the greater adoption of cryptocurrency.
Despite the investment bank’s initial critical approach to the cryptocurrency industry, it is now looking to offer services of digital products to customers, including the second leading cryptocurrency as part of Ether options and futures. Speaking with Bloomberg, Goldman’s managing director of digital assets Mathew McDermott noted that the demand for cryptocurrencies has continued to increase even though the market has faced a wave of dipping prices. He said:
“We’ve actually seen a lot of interest from clients who are eager to trade as they find these levels as a slightly more palatable entry point. We see it as a cleansing exercise to reduce some of the leverage and the excess in the system, especially from a retail perspective….”
Institutional intrigue in the cryptocurrency market
He continued to speak about institutional investment, offering:
“Institutional adoption will continue. Despite the material price correction, we continue to see a significant amount of interest in this space.”
Goldman Sachs furthering crypto efforts internally and externally
Not only has the institutional interest been experienced from outside the firm, but Goldman itself has been expanding its cryptocurrency investment too. Over the past year, the digital assets department has grown from 4 people to a team of 17 in the firm. The bank has also invested in several cryptocurrency start-ups, like putting $5 million USD into a fundraising round by Blockdaemon. Just last month, the bank also led a $15 million USD investment into Coin Metrics with McDermott joining the company’s board.