Goldman Sachs To Open Up A Trading Desk For Cryptos — Report
(Kitco News) - Goldman Sachs might be one of the first big Wall Street firms to get involved in trading digital currencies, Bloomberg reported.
The trading desk could be up and running by the end of June, according to sources familiar with the matter.
Bloomberg reported on Thursday: “Goldman Sachs Group Inc. is setting up a trading desk to make markets in digital currencies such as bitcoin.”
Goldman Sachs is still trying to figure out how it would hold digital currencies as well as how it would securely protect the assets, various reports said.
These are big issues for digital assets, which are extremely volatile and have been hacked in the past.
CNBC also cited a Goldman spokesperson on the matter: “In response to client interest in digital currencies, we are exploring how best to serve them.”
Back in October, there were reports that Goldman was looking into launching a new trading business for cryptocurrencies, including bitcoin.
The firm is already letting some of their clients access the new bitcoin futures, which were launched earlier this month by the Cboe Futures Exchange and the CME.
Bitcoin prices didn’t receive any kind of boost from the news, still trading 6.61% down on the day at $15,340, according to Kitco’s aggregated charts.
The popular digital currency had a very volatile week, dropping from an all-time high of nearly $20,000 reported on Sunday down to $14,951 on Thursday.