Goldman to set up cryptocurrency trading desk

Wednesday 27 December 2017 10:58 CET | News

Goldman Sachs has announced plans to set up a trading desk aiming to build markets in digital currencies such as Bitcoin, according to Bloomberg.

Furthermore, the bank wants to get the business running by the end of June 2018, if not earlier, two of the people said for Bloomberg. Another said it’s still trying to work out security issues as well as how it would hold, or custody, the assets.

Thus, Goldman Sachs could become the first large Wall Street company to make markets in cryptocurrencies, and it is among just a few mainstream businesses clearing a new breed of Bitcoin futures offered by Cboe Global Markets and CME Group.

While the bank has not made a decision where to house the desk, one possibility is that it will operate within the fixed-income, currencies and commodities unit’s systematic trading function, which conducts transactions electronically, two people said.

However, even if the bank’s CEO tweeted in October 2017 that Goldman Sachs was looking at how to deal with Bitcoin, in November 2017, he said his bank didn’t need a Bitcoin strategy yet because the digital currency is still just developing and volatile, the online publication continues.

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Keywords: Goldman Sachs, blockchain, Bitcoin, trading desk, Bitcoin futures, crypto, cryptocurrency, assets
Categories: Blockchain & Cryptocurrencies | Cryptocurrencies
Countries: World
This article is part of category

Blockchain & Cryptocurrencies