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Usha Yadav
Jul 6, 2022
by Usha Yadav

BGC Partners: First Intermediated Block Trade of Bitcoin Options in Asia

Block Trade of Bitcoin Asia

Table of contents

  1. Goldman Sachs Interested in Crypto Future
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, former CEO of the banking behemoth Lloyd Blankfein stated in late January that cryptocurrencies were evolving and that Bitcoin's fundamental value was advantageous to the overall financial sector.

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BGC Partners: First Intermediated Block Trade of Bitcoin Options in Asia
Usha Yadav
Usha is a diehard crypto enthusiast and has been actively writing on different facets of the blockchain and crypto world. She has authored many research articles on cryptocurrency and aims to provide informational and quality content to readers. She firmly believes that crypto has a great potential to redefine the world of finance and blockchain.

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