Friday, December 9, 2022

Goldman Sachs Reveals 40% Increase In Crypto Exposure From Institutional Players

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According to a recent Digital Assets survey published by Goldman Sachs, institutional adoption of crypto is rapidly growing. Of the surveyed Goldman clients, 51% indicated that they had crypto exposure, up from 40% last year. 60% of the 172 surveyed clients responded that they expect to increase their digital asset holdings in the next one to two years.  

The Goldman Sachs Group is a leading global financial institution that delivers a broad range of financial services across investment banking, securities, investment management, and consumer banking to a large and diversified client base that includes corporations, financial institutions, governments, and individuals.  

Goldman Sachs has also been actively involved in crypto in recent weeks. Their website is now extensively focused on digital assets. And just last week, the bank announced that they had conducted their first-ever non-deliverable options trade in crypto with Galaxy Digital, a technology-driven financial services, and investment management firm that provides institutions and direct clients with a full suite of financial solutions. This makes Goldman Sachs the first major U.S. bank to trade crypto over the counter (OTC), as CNBC reported.  

Galaxy Digital’s Co-President, Damien Vanderwilt, when speaking about the Goldman Sachs options trade in an interview stated: “This trade represents the first step that banks have taken to offer direct, customizable exposures to the crypto market on behalf of their clients.” He also noted that Goldman’s involvement is a signal of the increased maturity of the asset class for institutional players such as hedge funds.

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