Golman Sachs Group Inc. is going to setup a cryptocurrency trading desk in order to make markets in virtual currencies. The intention is to have it operative by June, important sources from inside the firm commented.
Goldman Sachs Cryptocurrency Trading Desk
Goldman Sachs will be the first important Wall Street firm to make markets in cryptocurrencies. According to Bloomberg, the desk could operate within the fixed-income, currencies and commodities unit’s systemic trading function, which conducts transactions electronically.
Goldman Sachs’ CEO, Lloyd Blankfein, has a neutral feeling towards Bitcoin. He has expressed it in this way:
“Bitcoin is not for me, but there is a lot of things that there weren’t for me in the past that have worked very well. If it was 20 years forward and it worked out, O could tell you why it worked out. But based on everything that I know, I am not guessing that it will work out,” Mr Blankfein told in an interview with Bloomberg.
At the beginning of December, Goldman Sachs didn’t have a clear strategy towards the famous cryptocurrency. It seems that the bull run since November has raised interests in the banking sector.
During December we have seen how the Chicago Board Options Exchange (CBOE) started to offer Bitcoin Futures and affected the markets. The same happened with the Chicago Mercantile Exchange (CME). Nasdaq will also offer Bitcoin futures to its clients in the coming year.
Institutional Investors Near the Cryptocurrency Market
Different situations in the markets are starting to bring institutional investors to the cryptocurrency environment. Coinbase has introduced Coinbase Custody a platform designed for institutional investors. Furthermore, the CME and the CBOE futures opened doors to new important investors that want to start operating with Bitcoin.
Blankfein has also commented on the possibility to make investments with Goldman Sachs:
“We will see. If it works out and it gets more established, it trades like a store of value, it does not move up and down 20 percent and there is liquidity in it, we will think about it.”