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Goldman Sachs To Expands Cryptocurrency Trading Desk With Ether Futures and Options

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Goldman Sachs’ head of digital assets, Mathew McDermott, has reportedly revealed that the global investment bank plans to offer futures and options trading in ether (ETH) in the coming months, Bloomberg reported Monday.

McDermott said in a phone interview with the publication Thursday: “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.”

The executive additionally said that Goldman Sachs plans to offer the trading of bitcoin exchange-traded notes.

Goldman Sachs formally established a cryptocurrency trading team in early May after seeing huge institutional demand for cryptocurrency. The investment bank also recently said that bitcoin is now a new asset class.

In May, the firm led the $15 million investment into crypto data provider Coin Metrics. McDermott added, “We are looking at a number of different companies that fit into our strategic direction.”

Goldman Sachs has said on several occasions that institutional interest in bitcoin has been growing significantly. In a survey of 850 institutions last week, the bank found that almost one in 10 respondents are trading cryptocurrencies and 20 percent are interested in the asset class.

McDermott further detailed: “Institutional adoption will continue. Despite the material price correction, we continue to see a significant amount of interest in this space.”

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World Mobile Launches Centres for Blockchain Innovation and Development in Pakistan

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World Mobile, in partnership with Worldcall has signed collaboration MoU with the University of Central Punjab (UCP) and Akhuwat Micofinance Foundation (AMF) for establishment of a Centre of Excellence for Blockchain technology. World Mobile will support and endorse sustainable programs that would be instrumental for the introduction, promotion and development of blockchain technology throughout the region. 

UCP is known for its gender and social inclusiveness with a student body of over 40,000. UCP also has one of the best scholarship programs and has already disbursed nearly USD 30 million to deserving students over the years. UCP enjoys a good standing as a center of learning including its Computer Sciences, Information Technology and Data Sciences programs. UCP recently started offering blockchain as part of its curriculum. Under the program, World Mobile and partners will provide UCP access to certifications and accreditations in blockchain technolgies.

AMF is the largest interest free microfinance organization in the world providing economic enablement to communities across Pakistan.  Under the foundation, Akhuwat Education Services provide free education along with financial support to deserving students. AMF believes that access to quality education holds the key to future financial well-being of the communities it serves. Under the MoU World Mobile and its partners will provide support for the establishment of a blockchain lab and connectivity to blockchain eco-system across the globe.

Talking on the occasion, Dr Nassar Ikram, UCP Pro Rector shared that UCP has been gearing up to introduce modern technologies in their academic and professional education programs and the partnership of WTL and WMG would ensure that full potential of blockchain as technology platform is unlocked to meet the requirements in technical and social domains.

Dr. Amjad Saqib, founder of Akhuwat and recipient of prestigious Ramon Magsaysay Award 2021 for his poverty alleviation work, thanked World Mobile and Worldcall for their involvment in the establishment of blockchain lab at Akhuwat University Campus in Kasur.

Charles Barnett, Chief Business Officer and Co-Founder, of World Mobile said: “We’re delighted to establish this project with Wordcall to deliver a Centre of Excellence for Blockchain technology with the UCP and AMF. Our mission is to connect the unconnected and we are utilizing blockchain technology to do this. Trust, digital ID, self data governance are all made possible with blockchain and it should be a global interest to nuture and develop talent in this field.”

Mr. Babar Ali Syed, CEO Worldcall thanked UCP and Akhuwat for giving World Mobile and Worldcall an opportunity to establish excellence centres for blockchain technology. A firm believer and promoter of blockchain, Mr. Syed stands committed towards making Pakistan a blockchain technology powerhouse on global stage. Trained human resource coming out of these institutions would be instrumental in achieving this goal.

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Bitcoin

Fintech CEO: Bitcoin Plunge Correlates to Stock Market Movement

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Friday’s WSJ headline on Bitcoin: “Bitcoin Price Falls to $38,000 in Tandem With Tech Selloff.” The statement that followed? “Digital currency hits its lowest level since August 2021, showing a tight correlation with moves in the stock market.” One fintech CEO comments on what’s happening with digital assets.

“We’re seeing Bitcoin, in particular, as well as some of the other digital assets, move in patterns that coexist with the stock market. The implications to that are far reaching. In particular, it is going to push regulators towards a permanent classification of digital assets, including stablecoins, something that has been up in the air for some time,” offered Richard Gardner, CEO of Modulus, a US-based developer of ultra-high-performance trading and surveillance technology that powers global equities, derivatives, and digital asset exchanges.

“These regulatory dilemmas are keeping certain investors out — and keeping some investors that are in from increasing their positions. 2022 long promised to be the year that would see change in this arena, but as there is more and more evidence that digital assets are showing movements that mirror the market, it is even more enhanced,” said Gardner.

“Beyond regulatory issues dealing with classification, I think the bureaucrats are going to be pressured to take a hard look at custody, too. The providers currently servicing the digital assets segment just aren’t providing the intense security that the industry demands,” noted Gardner.

Fireblocks, which is among the best known custody providers, found itself embroiled in a lawsuit with StakeHound, which alleges the custody company lost roughly $70MM of Ethereum, after the key vanished. As a result, StakeHound could not access over 38,000 ETH.

“The rise of institutional investors really has blown the doors of the barn, and it made it clear that custody needs to be more than simply an afterthought. We need firms with a background in cybersecurity and financial technologies to take the lead here. Custody can’t be handled by startups with big investors and a complete lack of competency in safeguarding digital assets,” said Gardner.

Modulus is known throughout the financial technology segment as a leader in the development of ultra-high frequency trading systems and blockchain technologies. Modulus has provided its exchange solution to some of the industry’s most profitable digital asset exchanges, including a well-known multi-billion-dollar cryptocurrency exchange. Over the past twenty years, the company has built technology for the world’s most notable institutions, with a client list which includes NASA, NASDAQ, Goldman Sachs, Merrill Lynch, JP Morgan Chase, Bank of America, Barclays, Siemens, Shell, Yahoo!, Microsoft, Cornell University, and the University of Chicago.

“Over the past weeks, headlines continue to emerge about Bitcoin’s movement in relation to the market. As that continues to expand, there’s just going to be no question that now is the time to normalize the classification of cryptocurrencies,” noted Gardner.

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Dogecoin

Dogecoin Co-Creator Rebuts Jim Cramer, Says Doge is Not a Security

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Dogecoin co-creator, Billy Markus has rebutted Jim Cramer’s opinion on Dogecoin being security, he clarified that Dogecoin has 99.5 percent of the same code as Bitcoin.

Jim Cramer, the host of Mad Money on CNBC, had warned investors yesterday on the possibility of Dogecoin being a security and the likelihood of it being regulated. He said, “please be careful with Dogecoin…It is a security. It will be regulated.”

Commenting on Jim’s tweet, Billy Markus asked him to educate himself before drawing such conclusions on Dogecoin. He said, “bro, please learn how blockchain works. it’s already well known how many there are and how many are created everyday. it is in the public code on the public blockchain, easily viewable by anyone

“in terms of ‘security,’ it is a proof of work cryptocurrency so you have to put in work to retrieve the coins from the block, it doesn’t qualify under the Howey test. it works the same as bitcoin. in fact, it’s 99.5% the same code as bitcoin. please educate yourself.”

Markus further tweeted, “The biggest bull signal ever for dogecoin.”

Dogecoin is the 11th largest cryptocurrency by market capitalization. At press time Dogecoin is trading at $0.1358, down by 3.44 percent in the last 24 trading hours.

Dogecoin is 81.58 percent down from its All-Time High of $0.7376 traded in May 2021.

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