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   737

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

Circle to See Crypto Demand from Investors

As the company's CEO Jeremy Allair said, Circle also recorded a x15 increase in the number of transactions compared to the same period last year
26 June 2018   500

In May, the crypto-currency blockchain start-up Circle attracted 30% more institutional investors than in April. The company's performance has increased despite the fact that the rate of bitcoin for the same period fell by about 20%. This is reported by CNBC.

As the company's CEO Jeremy Allair said, Circle also recorded a x15 increase in the number of transactions compared to the same period last year.

According to him, starting from this week all trading operations on the platform will be automated.

Major institutional investors don't go through a telephone broker. They go through an electronic interface. We're maturing this into a more traditional product; it's much faster and a more flexible way to trade.
 

Jeremy Claire 

Founder and CEO, Circle

We note that the monthly trading on the platform exceeds $ 2 billion, while the minimum amount of the deal is at least $ 250,000.