Goldman Sachs Preparing To Launch Cryptocurrency Trading Desk

by Ricky Makan Co-Founder at Unkrypted

One of Wall Street’s biggest companies is growing more familiar with crypto-currencies.

Rumours have been swirling for some time, Goldman Sachs Group Inc. is establishing a trading desk to create markets in virtual currencies like Bitcoin, according to people who knows about this plan. The bank intends to get the business running from the end of June, or even before, as they are still attempting to work out safety issues in Addition to how it might hold the resources.

According to the information:

This move positions Goldman Sachs to turn into the first large Wall Street Company to build markets in crypto-currencies.

Goldman Sachs is currently assembling a team in New York, one of the people from the firm stated that although the bank has not decided where to house the desk, one possibility is that it’s going to operate inside the fixed-income, commodities and currencies unit’s organized trading function, which conducts transactions electronically. Darren Cohen, in the company’s principal strategic investments group, is also looking forward for the opportunities.

Michael DuVally, a spokesman, said in a statement.

IN RESPONSE TO CLIENT INTEREST IN DIGITAL CURRENCIES, WE ARE EXPLORING HOW BEST TO SERVE THEM.

Conventional but Unbiased

Goldman Sachs CEO Lloyd Blankfein has maintained a careful but open approach to virtual currencies. In recent times Blankfein stated:

Bitcoin is not for me but there are a lot of things that there were not for me in the past that have worked out very well. If it was 20 years forward, I could tell you why it worked out. But based on everything that I know, I am not guessing that it will work out.

Goldman Sach’s imprimatur

The investment bank is seen as the most elite on Wall Street. The company’s executives frequently retire to take strong positions inside the US government. Present treasury secretary Steve Mnuchin and former secretary Hank Paulson both had large rankings at Goldman. Like the introduction of futures on CME and CBOE, this movement further legitimizes the crypto-currency asset class.

Source: http://www.unkrypted.com/goldman-sachs-to-launch-cryptocurrency-trading-desk/