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   326

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 Considers Crypto as Own Risk

Investment banking giant has cited its connection to cryptocurrencies and blockchain as a potential business risk
27 February 2018   127

Investment bank Goldman Sachs assumes that its involvement in the sphere of crypto-currency may cause certain risks. This is written by CoinDesk.

According to the report for 2017 fiscal year, published on February 26, Goldman Sachs believes that his business can be influenced by the fact that he works with clients and invests money in companies related to the crypto-currency sector. Among other things, the bank provides access to bitcoin futures for a certain group of its customers and has a stake in the Circle start-up, which on Monday became the owner of the Poloniex crypto currency exchange.

We may be, or may become, exposed to risks related to distributed ledger technology through our facilitation of clients' activities involving financial products linked to distributed ledger technology, such as blockchain or cryptocurrencies, our investments in companies that seek to develop platforms based on distributed ledger technology, and the use of distributed ledger technology by third-party vendors, clients, counterparties, clearing houses and other financial intermediaries.

Goldman Sachs Report

Although Goldman Sachs does not speak directly about this, these fears may also explain the fact that to this day the bank is not in a hurry to provide its clients with access to a wider range of tools for working with cryptocurrencies.