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   506

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 Hire Crypto Trading Pro

Justin Schmidt will study of the possible interaction of Goldman Sachs with the cryptocurrency market
24 April 2018   270

A spokesperson for the leading investment bank Goldman Sachs confirmed that the organization hired trainee and graduate of the Massachusetts Institute of Technology (MIT) Justin Schmidt to the post of vice president and head of the department for digital assets markets within the bank's securities division. This is reported by Business Insider.

In response to client interest in various digital products, we are exploring how best to serve them in the space. At this point, we have not reached a conclusion on the scope of our digital asset offering.
 

Goldman spokeswoman

The main task of Schmidt will study of the possible interaction of Goldman Sachs with the cryptocurrency market, and also, probably, the launch of its own crypto trading desk.

The bank stressed that in his position Schmidt would not trade any assets, including crypto-currencies.

Schmidt, a graduate of Massachusetts Institute of Technology, joins the investment bank from Seven Eight Capital, where he was a senior vice president. Previously, he was a portfolio manager at WorldQuant and a vice president at Merrill Lynch.