Goldman Sachs, one of the largest financial services institutions in the United States, has announced the creation of a Bitcoin and other cryptocurrency trading desk. Goldman already offers Bitcoin Futures to some clients. Both the CBOE and CME introduced Bitcoin Futures trading in December 2017.
An article over at TechCrunch.com states that Goldman is in the process of hiring staff and working through the logistics required to implement the trading desk. Working with the emerging cryptocurrency markets presents unique challenges, such as how the bank will hold the cryptocurrency and keep them secure.
The ultimate goal, Bloomberg claimed, is to begin trading by June 2018.
“In response to client interest in digital currencies, we are exploring how best to serve them,” the bank told Bloomberg in a statement.
The move would make it the first major bank to embrace trading bitcoin and cryptocoins.
“No one can currently predict what bitcoin and other cryptocurrencies will do for us in the future. Until we know, it’s best to buckle up and enjoy the ride,” Biggs wrote.
This announcement is very interesting in light of the CEO’s comments only a couple of months ago. Jamie Dimon said that Goldman Sachs would not be trading Bitcoin and actually threatened employees if they got involved. Guess he has had a change of heart.
You can read the full article over at techcrunch.com.