Goldman ‘Building’ a Cryptocurrency Trading Desk

Goldman ‘Building’ a Cryptocurrency Trading Desk

Goldman ‘Building’ a Cryptocurrency Trading Desk

$GS, $BTCUSD

Wall Street’s biggest firms are growing more comfortable with cryptocurrencies.

Goldman Sachs Group Inc. (NYSE:GS) is setting up a trading desk to make markets in digital currencies such as Bitcoin.

Bitcoin is currently trading at: 12,383.8301, -1,437.58, -10.40%, as of 2:03p GMT, the market is open.

Friday, 22 December’s Range 12,383.83 – 14,634.995
52 Wk Trading Range 752.8023 – 20,000.0000

The bank aims to get the business running by the end of June 2018 as it is trying to work out security issues as well as how it would hold, or custody, the assets.

The move positions Goldman Sachs to become the 1st large Wall Street firm to make markets in cryptocurrencies, whose wild price swings and surging values have captured the public’s imagination and triggered keen interest from established financial and business institutions.

The bank is among a few mainstream firms clearing a new breed of Bitcoin futures offered by Cboe Global Markets Inc. (NASDAQ:CBOE), and CME Group Inc.(NASDAQ:CME).

Citigroup Inc. and Bank of America Corp. are taking a wait-and-see approach. And JP Morgan’s (NYSE:JPM) boss, Jamie Dimon is on record calling Bitcoin a ‘fraud’.

Darren Cohen, in the firm’s principal strategic investments group, is also looking at opportunities, another person said.

Goldman’s CEO, Lloyd Blankfein has been circumspect.

In October, he Tweeted that his firm was looking at how to deal with Bitcoin. In a TV interview last month, he said his bank did not need a Bitcoin strategy yet because the digital currency is still just developing and volatile.

That has changed, and changed quickly.

That being the case, we have been recommending  GBIT our favorite crypto-coin exchange, where professional traders and civilian participants alike can trade securely on the world’s most innovative digital asset exchange.

Click here to find out more.

Have a Happy Christmas Holiday Weekend.

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