Goldman Sachs logo appears above a trading post at the New York Stock Exchange Richard Drew AP
03 May, 2018, 20:41
Bitcoin surged immediately following the news. They aren't going to buy and sell Bitcoin directly, at least not yet, but they are going to trade contracts linked to the price of Bitcoin.
Rana Yared, a Goldman executive who helped oversee the creation of the bitcoin trading operation, told a New York Times reporter that the bank had concluded that bitcoin is not a fraud and does not have the characteristics of a currency.
Goldman Sachs, which will become the first major USA bank to use its own funds to trade cryptocurrencies, hopes to get approval from the Federal Reserve and other state-level bodies to kick off its operations featuring bitcoins, the CCN report said.
The investment bank has hired its first "digital asset" trader, Justin Schmidt, to handle the daily operation.
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Goldman Sachs was reportedly planning to set up a cryptocurrency trading unit since December 2017 through its inner sources continued to say that such reports were untrue, a CCN report said. Nonetheless, CNBC quoted him admit that "we're clearing futures in bitcoins for some of our futures clients". In November previous year, the CEO of Goldman said that bitcoin trading is a "Vehicle to perpetrate fraud".
Yared also indicated that the decision was not taken lightly: "For nearly every person involved, there has been personal scepticism brought to the table".
The report goes on to say that while the current plans it has in place do not involve it buying and selling actual BTC, it could well do so at a later date if it can "figure out how to deal with the additional risks associated with holding the virtual currency". "It is just a heightened risk that we need to be extra aware of here".
With most of the leading banking institutions still steering clear of cryptocurrency trading, this announcement by Goldman created quite a ripple in the crypto trading market. Let us know in the comments section below!
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