Goldman Sachs announces Bitcoin trading. Global banking giant Goldman Sachs has announced new plans to start trading in Bitcoin. The Wall Street heavy-weight also declared that the cryptocurrency “is not a fraud,” according to a report by the New York Times.. Earlier this week, we reported that banking rivals Morgan Stanley were working towards digital assets trades. Nov 29, · In a recent interview, Hong Fang, who is a former VP at Goldman Sachs and the current CEO of crypto exchange OKCoin, explained why she believes that the price of Bitcoin could reach $, by and $, by On 30 August , San Francisco headquartered OKCoin, which was founded in , announced that the addition of Fang, who was an early investor in Author: Siamak Masnavi. May 03, · The cryptocurrency industry was hit with huge news on Wednesday night as financial giant Goldman Sachs announced plans to open a bitcoin trading exchange. The Wall Street bank is one of the most recognizable names in finance. Now, the company has announced plans to launch a virtual currency exchange.
Goldman sachs to experiment with trading bitcoinBreaking: Goldman Sachs is Launching a Bitcoin Trading Desk & Futures
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Save my name, email, and website in this browser for the next time I comment. Rajasthan Study. The Wall Street bank is one of the most recognizable names in finance. Now, the company has announced plans to launch a virtual currency exchange. The exchange appears to be the first bitcoin trading operation at a Wall Street bank. The move is expected to lend additional legitimacy to the world of cryptocurrencies. At the same time, Goldman Sachs is preparing to gain exposure to the risk and volatility of the crypto industry.
The bank will use its own money to trade with clients across a variety of contracts linked to the price of bitcoin. Specifically, Goldman Sachs will create its own flexible version of a future, known as a non-deliverable forward. That product will be offered to clients. Goldman Sachs will not be directly buying and selling bitcoin. However, a team at Goldman Sachs is exploring that possibility for the future. Goldman Sachs has acknowledged the risks of getting involved in the crypto industry. Yared said in the interview with The New York Times.
Despite the skepticism, the launch of a Goldman Sachs crypto exchange is huge news for the industry. The company is one of the most recognizable names on Wall Street.
A few years ago, it was unthinkable for financial giants like Goldman Sachs to gain exposure to cryptocurrencies. Of course, Goldman Sachs is far from the only major financial company that has announced support for bitcoin. Over the last few years, a growing number of traditional hedge funds , banking companies, and institutional investors have gained exposure to crypto in different ways. Nevertheless, some Wall Street firms have been outspoken about their skepticism towards bitcoin.
Many other traditional finance executives have echoed that sentiment both privately and publicly. Why did Goldman Sachs launch a bitcoin trading operation?
Well, as mentioned above, the industry has become too large for financial giants like Goldman Sachs to ignore. As reported by The New York Times, Goldman Sachs had received inquiries from hedge funds regarding their acceptance of bitcoin. The ultimate decision to begin trading bitcoin contracts went to the top of the company, where it was approved by the Goldman Sachs board of directors. That signing was reported by Tearsheet.
Prior to working for Goldman Sachs, the year old Schmidt was an electronic trader at a hedge fund called Seven Eight Capital. He left that position in to pursue virtual currency trading on his own.