It’s been widely reported that Goldman Sachs re-opened its crypto trading desk, which it first launched in 2018 following the 2017 cryptocurrency boom. Mathew McDermott heads the digital assets team at Goldman Sachs and in a podcast shared details about the trading desk, the digital asset demand, and the blockchain projects he oversees beyond cryptocurrencies.
“2017 was very much a retail-driven market,” said McDermott referencing the cryptocurrency boom. “This time around as mentioned, we’ve just seen a huge volume of institutional demand across the broad spectrum of different industry types,” said McDermott. He elaborated that it includes hedge funds, asset managers, macro funds, banks, corporate treasurers, insurance, and pension funds.
Goldman is seeing exploratory interest from corporate treasurers. The rationale is the cost of negative interest rates on cash deposits and concerns around asset devaluation. And there’s also the example that Tesla set by putting Bitcoin on its balance sheet.
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