Goldman Sachs is reportedly opening a trading desk dedicated to bitcoin and other digital currencies by the end of June, if not earlier, people with knowledge of the matter told Bloomberg Thursday.
The move represents another significant milestone in the asset’s mainstream adoption, which had already taken a giant leap forward this month when Cboe and CME Group exchanges launched their futures contracts.
The action also makes the investment bank the first blue-chip Wall Street firm opening a dedicated cryptocurrency trading desk. This openness to deal directly in this burgeoning yet controversial market is also quite interesting, especially considering that Goldman Sachs’ CEO Lloyd Blankfein repeatedly stated that he is still not a believer in bitcoin technology.
According to Bloomberg report, the bank hasn’t decided where to house the desk, but the operations will likely involve both its currency-trading division and the bank’s strategic investment group. Goldman Sachs is now assembling a team in New York, says the report, and the new unit could eventually operate in making markets in crypto assets much as they do for currency or stocks instruments.
Price swings in bitcoin are increasing as a 17-fold jump in 2017 in the value of the currency that were initially viewed as havens for illicit activity, now captivates everyone, but this merits Wall Street banks’ attention.
Source: Finance Magnates
Jr Trader Alexander Kumanov
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