Goldman Sachs cryptocurrency trading desk launch in June

Despite Bitcoin price fall, there is some good news for cryptocurrency traders – Goldman Sachs cryptocurrency trading desk will go live in June! What to expect from this project?

22 December, AtoZForex While the biggest cryptocurrency in the world is experiencing the correction, it appears that markets do not need to worry. On the positive note, one of the biggest Wall Street firms has shown yet another sign of the support for the crypto market.

Goldman Sachs cryptocurrency trading desk launch in June

Specifically, Goldman Sachs has decided to set up a trading desk for cryptocurrencies. This project aims to provide the experienced traders with an opportunity to trade on the digital currency market. The banking giant looks into launching the trading desk by the end of June.

One of the sources from Goldman Sachs has stated that the bank is still in the process of developing the security systems.

Such move by Goldman Sachs makes the bank one of the first institutions to make markets in cryptocurrencies. In fact, Goldman Sachs has already appeared as one of the firms clearing the Bitcoin futures by CBOE and CME Group. Other banks, such as Citigroup Inc. and Bank of America Corp., decided to keep wait and see approach.

Goldman Sachs CEO on Bitcoin

Reportedly, Goldman Sachs now is developing a team in New York. The bank still did not decide on the location of the desk. However, it is known that it would potentially operate within the fixed-income, currencies and commodities unit’s systematic trading function.

The transactions would be carried out electronically, according to the sources. Michael DuVally, a spokesperson, has stated:

“In response to client interest in digital currencies, we are exploring how best to serve them.”

The CEO Lloyd Blankfein did not express any certain opinion in regards to this topic. Yet, in October, he has tweeted that his company was looking into ways of Bitcoin integration. Earlier this month, when Goldman Sachs started clearing futures, the bank required some clients to set aside funds equal to the full value of their trade.

Think we missed something? Let us know in the comments section below.

    Share Your Opinion, Write a Comment