Cryptocurrency News Goldman Sachs 6 Sep 2018
Goldman Sachs crypto trading desk plans are supposedly suspended by the bank. A number of online reports cite unnamed sources stating that the bank has downgraded the priority of this project.
6 September, AtoZ Markets – One of the US banking giants, Goldman Sachs Group Inc., is reportedly canceling its plans to open a cryptocurrency trading desk. A number of online media outlets have been quoting sources familiar with this matter.
It appears that the bank’s plans to form a cryptocurrency-focused unit in June 2018 have been scraped off. Earlier last year, AtoZ Markets reported that Goldman Sachs has decided to set up a trading desk for cryptocurrencies. This project aimed to provide the experienced traders with an opportunity to trade on the digital currency market. That time, Goldman Sachs has looked to become "the first large Wall Street firm to make markets in cryptocurrencies."
Now, online reports cite unnamed sources stating that the bank has downgraded the priority of this project. Supposedly, the uncertainty of the regulatory environment in the cryptocurrency market has played a big role in that. It is also reported that it might take a lot of effort from the regulatory officials before a regulated bank could offer digital asset trading.
The CEO of Goldman Sachs, Michael DuVally, has been quoted as saying:
“At this point, we have not reached a conclusion on the scope of our digital asset offering.”
Yet, the bank is not going to completely reject the cryptocurrency trading service idea. According to online reports, Goldman Sachs is now going to concentrate its efforts on a custody product for crypto. This will allow it to hold crypto assets on behalf of large clients and also track the price of these cryptos.
This August, AtoZ Markets quoted online reports stating that Goldman Sachs was planning to offer cryptocurrency custody services. One of such reports stated that an unnamed person has shared the following:
"In response to client interest in various digital products we are exploring how best to serve them in this space. At this point, we have not reached a conclusion on the scope of our digital asset offering."
Earlier this May, Goldman Sachs’ executive Rana Yared has stated that the bank “had concluded [B]itcoin is not a fraud,” while the company has formally informed the public about its plans to buy and sell digital currencies.
However, the top officials of the bank still remain skeptical about cryptocurrencies. Goldman Sachs' CEO Lloyd Blankfein stated that Bitcoin trading is not for him, yet, he is open to considering it. This would be the case in cryptocurrency market becomes “more established.”
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