Goldman Sachs, the investment banking behemoth, is apparently stepping up its crypto efforts by examining if it might offer over-the-counter (OTC) crypto alternatives. The news came as the corporation announced its exit from Russia, making it the first big Wall Street bank to do so since the conflict in Ukraine began.
The investment bank’s investigation into crypto options reflects the bank’s growing involvement in the area of crypto trading. Bloomberg claimed, citing unnamed sources, that the bank is one of just a handful of big investment banks investigating considering selling such crypto derivatives products.
According to the source, the product now being investigated, known as bilateral options, would allow transactions to be customized for institutional crypto holders such as hedge funds or miners, for example, to hedge risks.
The possibility of a new push into crypto options comes after the bank’s head of crypto trading, Andrei Kazantsev, remarked during a CoinDesk panel in December that “the next significant step that we are envisioning is the creation of options markets.”
Other Companies Leaving Russia Too
In the meantime, news broke today that a major investment bank is leaving Russia as a result of the country’s sanctions.
JP Morgan, another prominent Wall Street investment bank, announced its pullout from Russia shortly after Goldman announced that it is also leaving the country.
JP Morgan is “actively unwinding Russian business,” a statement from the company said on Thursday. In Moscow, the bank employs roughly 160 people.
Citigroup, meanwhile, announced on Wednesday that it will continue to operate in the country “on a more limited basis.” According to the Financial Times, the bank has long planned to sell its franchise in the country, but the plans have now been hindered by sanctions.
“We’re running out of options […] shutting down everything might be our only option,” an alleged Citigroup source was cited as saying.
In an email to Reuters, Goldman Sachs said it was “winding down its business in Russia in conformity with regulatory and licensing requirements.”
