Goldman Sachs to Set Up Crypto Currency Trading Desk

December 23, 2017 by Cameron Bishop

Goldman SachsHardly a week had gone after we reported that Bloomberg and Thomson Reuters have added several altcoins such as Bitcoin Cash, Ethereum, Litecoin, and Ripple to their terminals. Logically, the next step would be the use of those price quotes by a big Wall Street firm to trade in the crypto market. It didn’t take a long-time for that to happen.

According to a Bloomberg report, investment research firm Goldman Sachs is said to be studying the possibility of launching a crypto currency trading desk.

Earlier in December, Goldman Sachs made headlines by saying they will start offering Bitcoin futures contracts for their clients. However, Goldman Sachs safeguarded itself by asking some of its clients to deposit the entire value of Bitcoin futures as margin money.

According to Fortune, Goldman Sachs is setting up a team in New York for trading in crypto currencies, although the final place for housing the trading desk is yet to be decided.

In mid-December, the US regulated exchanges CME and CBOE started offering Bitcoin futures. The Goldman Sachs’ decision adds another level of legitimacy to crypto currencies as an asset class.

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The company’s CEO Lloyd Blankfein had recently said

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

The trading desk will come into operation by the end of June 2018, according to unnamed sources of Bloomberg. Presently, Goldman Sachs is looking at different options to maintain custody of the digital assets. It is the first time, a Wall Street behemoth is seriously considering entering the world of digital assets.

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Cameron works tirelessly behind the scenes ensuring his many US news stories are factual, informative and brought to you in a timely fashion before most other media outlets have them. He is an investigative journalist at heart who also has a fond interest in the money and business markets too.

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