Goldman Sachs to launch cryptocurrency trading desk

The Goldman Sachs Group plans to set up a trading desk for cryptocurrencies such as Bitcoin by the end of June 2018
22 December 2017   454

The Goldman Sachs Group, a leading global investment banking, securities and investment management firm that provides a wide range of financial services, is reportedly going to launch a trading desk to make markets in digital currencies such as Bitcoin. The bank plans to set up cryptocurrency trading by the end of June of 2018.

In response to client interest in digital currencies, we are exploring how best to serve them.
 

Michael DuVally

Goldman Sachs spokesman

The representatives of Goldman Sachs said in interview with Bloomberg that the company will assemble a team in New York, although the bank did not make a decision where to house the desk, but it is possible that it will function within the fixed-income, currencies and commodities unit’s systematic trading function, which conducts transactions electronically.

In the beginning of November 2017 we have reported that Goldman Sachs CEO Lloyd Blankfein said in interview to Bloomberg that he wasn’t comfortable with bitcoin, but he was open to this cryptocurrency.

At the moment of press, these are main market parameters of Bitcoin:

  • Average price: $13 138,10
  • Marketcap: $220 146 102 687
  • 24h volume: $16 930 200 000

Goldman Sachs to Open BTC Futures Trading Desk

The exact date of launch of the new service is still unknown, but the board of directors of the bank has already approved the initiative
03 May 2018   237

In the coming weeks, leading investment bank Goldman Sachs will begin using its own capital to trade bitcoin futures on behalf of customers, the New York Times reports.

The exact date of launch of the new service is still unknown, but the board of directors of the bank has already approved the initiative. Goldman Sachs also plans to create its own flexible version of the futures, known as the" settlement forward ", which will offer customers.

According to one of the managers of Goldman Sachs, Rana Yared, the decision was made against the backdrop of a growing number of client requests and an interest in buying bitcoin as an alternative asset.

I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world. For almost every person involved, there has been personal skepticism brought to the table.
 

Rana Yared

Executive, Goldman Sachs

Representatives of the bank stressed that further deepening of Goldman Sachs into the cryptocurrency sector, including operations directly with bitcoin, will be possible only after full approval by US regulators.

The first trader of digital assets, which the bank hired for a new initiative, was Justin Schmidt. Prior to that, he was engaged in trading in the hedge fund Seven Eight Capital, but last year he left the organization and began working with cryptocurrencies