Goldman Sachs Is not Launching Bitcoin Trading Desk

Goldman Sachs Is not Launching Bitcoin Trading Desk

Goldman Sachs chief executive Lloyd Blankfein shot down longstanding rumors that the funding financial institution was launching a digital currency buying and selling desk. Now, we understand the motive why, because the Goldman Sachs already owns one.

As early as October remaining 12 months, there were rumors that Goldman Sachs was thinking about starting the primary main Wall Street digital currency buying and selling desk. By the end of the 12 months, resources familiar with the matter were announcing that the company had already started hiring employees to staff the trading desk, which would be operated out of New York. Overall, Lloyd Blankfein rebuffed those reports throughout an interview at the World Economic Forum, which was held in Davos during this month.

Goldman Sachs

Lloyd Blankfein said:

“What we stated was we were opening, we’re clearing futures in bitcoins for a number of our futures customers. We’d clear them. We’re a prime dealer and so if our customers are going to do it, we’re going to do it. A principle bitcoin commercial enterprise in which we’re going long and short, marketplace making, thus far we’re not.”

What Blankfein didn’t say is that Goldman Sachs already owns a digital currency buying and selling desk, it has since 2015. However, it’s not a Goldman Sachs trading desk, and the financial institution isn’t a majority stakeholder within the project, but as Quartz talked about this week, Goldman Sachs was the lead investor in Circle’s 2015 investment round, which raised fifty million dollars for the financial technology startup.

 Lloyd Blankfein

Similarly, to its flagship Circle Pay service, the organization additionally operates Circle Trade, which offers liquidity for digital currency trade markets and additionally manages over the counter buying and selling for huge institutional customers looking to place minimal orders of $250000. In line with the organization’s internet site, it immediately trades billion dollars’ worth of digital currencies for one month, making it one of the bigger digital centered buying and selling operations.

The Goldman Sashs’ subsequent eponymous service will similarly expand the company’s digital currency associated services and Goldman Sachs’ exposure to the nascent industry that Lloyd Blankfein has known as a vehicle to perpetrate fraud. Slated to release in March, Circle invest will offer retail traders with access to a fee-free digital currency buying and selling.

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