Jun 02, · After a lot of back and forth, the investment banking giant Goldman Sachs has finally made their stance on crypto clear. On Wednesday, as reported by the New York Times, officials from the company confirmed that they are planning to start a Bitcoin trading desk. Goldman Sachs has been rumoured to have started planning the potential crypto desk back in December itself, however . Even as most big banks have maintained distance from virtual currency Bitcoin, Goldman Sachs is bucking the risks: It plans to set up what appears to be the 3/5(50). Jun 06, · In May , reports speculated that Goldman Sachs had plans to open a Bitcoin trading desk, which have since been withdrawn. Rana Yared, one of the Goldman Sachs executives who reportedly oversaw.
Goldman sachs to open bitcoin tradingBreaking: Goldman Sachs is Launching a Bitcoin Trading Desk & Futures
The Winklevoss twins, co-founders of the cryptocurrency exchange Gemini, were among the most vocal in the backlash to Goldman's claims. His brother, Tyler, claimed, "The more I think about it, the Goldman report is probably a head fake," referring to a sports tactic used to throw an opponent off by pretending you're moving in one direction only to then move the opposite way.
Similar comparisons have been made previously by bank executives — most notably J. Goldman played down the idea that bitcoin is a "scarce resource," noting that some of the most valuable coins — bitcoin cash and bitcoin SV — are "forks.
Bitcoin bulls often claim the digital asset's limited supply is part of what underpins its value and makes it a potential "hedge" against currencies which are vulnerable to devaluation in times of economic crisis. The bank also called cryptocurrencies a "conduit for illicit activity," highlighting their use in fraudulent schemes and money laundering.
Fidelity last year set up a separate unit devoted to cryptocurrency clearing and custody, while J. Morgan developed its own internal digital currency, " JPM Coin ," for payments. By considering it unviable for its investors, Goldman Sachs has risked causing its investors to miss out on one of the best performing asset classes in the past years, never mind the last Correction: This story has been amended to reflect the fact that the presentation was written by Goldman Sachs' Investment Strategy Group.
Skip Navigation. Markets Pre-Markets U. Key Points. The news of Goldman Sachs' latest initiative comes as the head of Barclays dismissed rumours that the British banking giant is planning to launch its own cryptocurrency trading desk.
Barclays CEO Jes Staley noted the potential of cryptocurrency to transform finance, however said that he was still weary of its reputation of being used for criminal activities. In it, Ms Lagarde said that the semi-anonymous nature of cryptocurrencies meant they were potentially a major new vehicle for money laundering and even financing terrorism. Just over a month later, however, Ms Lagarde called for an "even-handed approach" to cryptocurrencies in a follow-up blogpost.
Ms Lagarde said that the transformative potential of the technology could have a "significant impact" on the way people save, invest and pay bills. Because crypto-assets know no boundaries, international cooperation will be essential.
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The Independent would like to keep you informed about offers, events and updates by email, please tick the box if you would like to be contacted Read our full mailing list consent terms here. Goldman Sachs is set to launch a new bitcoin trading platform after the investment bank's board of directors agreed to the initiative.