The day will be here soon when we see active platforms providing a variety of services from the world’s leading financial firms. Over the past year, despite the prevailing bear market, we have been on the receiving end of big promises. In yet another promise for entrance into the industry, reports are now indicating that Goldman Sachs has begun their own journey into crypto.
Below we discuss just a few of the upcoming platforms, their focus, and the companies offering these services.
Often linked to the cryptocurrency industry, Goldman Sachs has begun to market their upcoming BTC trading platform to select investors. It is said that this platform will function internally for select clients, and work similarly to futures contracts. Known as non-deliverable forwards, these are cash settled products.
Goldman Sachs was also the subject of fake news mere months ago. At the time, it was reported by large news outlets that the firm would be exiting from the cryptocurrency world. Company representatives soon stated that this information was false, and that they are continuing with their plans for future involvement in the industry.
In managing over 7 trillion in funds, Fidelity Investments is well versed in financial security measures. Drawing on their experience, they have noted that an area lacking within the cryptocurrency industry is in custodial solutions. With this in mind, the company has announced in past weeks that they intend to begin offering custodial solutions for digital assets, with the intention of expanding this service in the future.
In a recent press release, head of Fidelity Digital Assets, Tom Jessop, commented on the development. He stated, “We started exploring blockchain and digital assets several years ago, and those efforts have been successful in helping us understand and advance our thinking around cryptocurrencies…The creation of Fidelity Digital Assets is the first step in a long-term vision to create a full-service enterprise-grade platform for digital assets.”
Perhaps the most anticipated of all, is the upcoming platform by Bakkt. With mother company I.C.E, this company has the resources to change the industry. Although the eventual services to be offered by Bakkt are broad, initial features will be limited to Bitcoin Futures. The intriguing part of this is that unlike futures offered by CBOE and the CME, these futures will be settled in BTC, rather than USD.
This service is currently scheduled to go active on December 12, 2018. Many have marked this date as the potential turn around for the industry, as it is anticipated to be the first of a string of good news over the coming months.
These three platforms are only a few of the products anticipated to hit the market in the coming months. The industry has been promised these platforms for what seems like ages now, and the time is finally coming that we will see on become active. First up is Bakkt.