We Aren't Going to Launch Crypto Desk, - Goldman Sachs

This was said by company's CEO during a meeting of the US House of Representatives devoted to issues of accountability and trust in financial institutions
12 April 2019   343

The CEO of the investment bank Goldman Sachs, David Solomon, during a meeting of the US House of Representatives, said that his company did not plan to launch a platform for trading cryptocurrencies. This is reported by The Block.

Referring to the publication of Bloomberg in December 2017, Solomon stressed that the company had never had plans to launch such a trading platform. According to him, the publication incorrectly interpreted the information from Goldman Sachs:

First, that Bloomberg article was not correct. Like others, we are watching and doing work to try and understand the cryptocurrency market as it develops. We have some clients that have certain functionality that we’ve engaged with on clearing physically settled futures, but other than that we never had plans to open a cryptocurrency desk.

David Solomon

CEO, Goldman Sachs

When asked about the likelihood of launching cryptocurrency products in the future, Solomon answered rather evasively:

We might at some point [explore a desk] in time, but no question when dealing with cryptocurrency it’s a new area, there are a lots of issues…unclear from regulatory perspective and it’s not clear in the long-run if those currencies will be viable.

David Solomon

CEO, Goldman Sachs

The meeting, at which Solomon spoke, was generally devoted to issues of accountability and the problems of citizens' trust in financial institutions. The meeting was attended by the heads of the seven largest US banks.

Goldman Sachs to Consider Crypto Trades Beyond Futures

According to David Solomon, the bank may launch futures trading in the future, settlements on which will be carried out in bitcoins
21 June 2018   743

The COO of Goldman Sachs, David Solomon, said that the company is already discussing the creation of full-fledged services for working with cryptocurrencies. This is reported by Bloomberg.

The company may not limit itself to one launch of the bitcoin futures trading platform. As part of this service, Goldman Sachs plans to offer its customers a flexible version of the futures.

We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.

David Solomon

COO, Goldman Sachs

According to David Solomon, in the future the bank may launch futures trading, settlements on which will be carried out in bitcoins, and not in fiates, as it is done now. While he does not disclose what else the bank is preparing for customers.

Despite the "flexible" attitude of the bank to crypto-currency solutions, in June CEO Goldman Sachs Lloyd Blankfein said that bitcoin does not deserve his attention and he himself does not use cryptocurrencies.

In December 2017 it became known that Goldman Sachs is working on creating a trading platform for digital currencies. Its launch was scheduled for June.