Goldman Sachs – among the top-tier investment banks globally – has reportedly announced the release of its cryptocurrency trading desk, following years of anticipation. 

Specifically, The desk will reportedly be included in Goldman’s Global Currencies and Emerging Markets division, where Digital Assets head Mathew McDermott will be in charge of the overseeing responsibility. 

Goldman Sachs executives reportedly noted that the desk will be available to support derivatives trading, and not actual digital assets yet. 

The development reportedly surfaced shortly after the news of Goldman started to roll out BTC trading to clients via non-deliverable forwards (NDFs) – a derivative associated with Bitcoin price. 

Observers reportedly revealed that the above decision of the firm for derivatives will help reduce the risk of exposure to BTC, due to the vehicles being bought and settled in cash.

The memo – drafted by Goldman partner Rajesh Venkataramani – reportedly revealed that the freshly established trading desk at the moment will be supporting trading for NDFs, together with “CME BTC future trades on a principal basis, all-cash settling.”

Venkataramani reportedly highlighted that the asset management heavyweight “is not in a position to trade bitcoin or any cryptocurrency (including Ethereum) on a physical basis”, and that they would be cautious regarding the trading and equipping customers with exposure to assets, apart from Bitcoin derivatives. 

“Looking ahead, as we continue to broaden our market presence, albeit, in a measured way, we are selectively onboarding new liquidity providers to help us in expanding our offering”.