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   741

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 & JPMorgan to Invest $32M in Axoni

Well-known companies such as Andreessen Horowitz, Citi, JP Morgan, Wells Fargo, Y Combinator and Digital Currency Group also took part in the investment round
15 August 2018   283

Axoni blockchain start-up raised $ 32 million in the series B financing round, led by Goldman Sachs and Nyca Partners.

Well-known companies such as Andreessen Horowitz, Citi, JP Morgan, Wells Fargo, Y Combinator and Digital Currency Group also took part in the investment round. As a result of the campaign, the total volume of venture investments in Axoni was $ 55 million.

According to representatives of the New York company, the funds raised will be used to continue the development of data synchronization technology and the Ethereum-compatible language of the AxLang smart contracts. Also, the money will be spent on creating new products based on an audited distributed network called AxCore.

Axoni CEO Greg Svehi said that his startup is seeking to increase the number of companies using blockchain based solutions based on Axoni developments.

We are pleased to be part of Axoni’s journey since co-leading their Series A financing back in December 2016, and we are excited to see their progress made to date. The adoption of distributed ledger protocols in capital markets resembles the early days of adopting TCP/IP for distributed enterprise applications. We continue to be impressed with Axoni’s ability to facilitate such adoption by identifying use cases that could benefit from blockchain technology.
 

C. Thomas Richardson

Head of Market Structure and Electronic Trading Services, Wells Fargo Securities

In the spring of last year, the startup received $ 20 million from Citi, the banking giant, a year earlier - $ 18 million from a number of large financial institutions and venture investors.