Home Market Goldman Sachs to open bitcoin trading desk as it wades into crypto...

Goldman Sachs to open bitcoin trading desk as it wades into crypto world


Investment banking giant Goldman Sachs is set to launch a bitcoin trading desk – a first for a major Wall Street bank.

“In response to client interest in various digital products, we are exploring how best to serve them in the space," a Goldman Sachs spokesperson said.

Goldman will not initially buy or sell actual bitcoins, but it will trade with clients in a variety of contracts linked to the volatile digital currency's price, the New York Times first reported.

Matthew Newton, an analyst at eToro said: “This shouldnt come as a huge surprise to anyone who has been paying attention to cryptocurrencies over the last 18 months. Any forward-looking financial institution needs to understand this technology and accept its enormous potential.

“It will still take time for institutional investors to fully come around – and the fact that Goldman wont be buying or selling actual coins suggest some scepticism remains – but theres a growing acceptance that these assets are here to stay," Newton said.

Last month, the bank hired a new head of digital assets, Justin Schmidt, as it grappled with how to answer client demand for cryptocurrencies.

Read more: Goldman Sachs profits smash expectations thanks to first-quarter volatility


Please enter your comment!
Please enter your name here