Within Weeks Goldman Sachs Will Introduce Bitcoin Future Trading Operation

04 May, 2018, 07:20 | Author: Billie Castillo
  • Bitcoin Goldman Sachs Will Offer Bitcoin Trading Eventually John Mc Mahon

In stark contrast to its Wall Street peers, Goldman Sachs is emerging as the world's largest institution to embrace bitcoin (BTC), and would soon trade the decentralized digital asset. The financial giants will start trading bitcoin futures for clients instead of buying and selling actual cryptocurrency, but that may come in future.

Goldman Sachs in the future the bank will develop the crypto-exchange industry only after approval of the Securities and Stock Exchange Commission of the United States.

Even on April 23, when the bank took on board cryptocurrency trader Justin Schmidt - it said that no decision was yet taken over the scope of its "digital asset offering", the report added.

Rana Yared, one of the Goldman executives responsible for overseeing the new trading operation's launch, told the Times that the bank is well aware of the risks associated with getting into crypto trading.

He will initially be placed on Goldman's foreign currency desk because Bitcoin trading has the most similarity to movements in emerging market currencies, Ms. Yared said.

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Despite the Goldman Sachs move into cryptocurrency, not all of the bank's executives are ready to jump into the deep end just yet.

The NYT article quotes Goldman exec Rana Yared as saying "I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world", adding that, "For nearly every person involved, there has been personal skepticism brought to the table". "For nearly every person involved, there has been personal skepticism brought to the table".

An increasing number of hedge funds and other potential investors across the world for have expressed a strong interest in virtual currencies over the last two years. CEO Lloyd Blankfein had already stated that the bank was clearing BTCn futures for its clients whilst any further action on the proposal would depend on clearance by US regulators.

JPMorgan CEO Jamie Dimon famously called bitcoin a "fraud", but that opinion is not shared by The Goldman Sachs Group Inc. Among other things, it has started an online lending service, known as Marcus, that has brought the firm into contact with retail customers for the first time.

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