Goldman Sachs Plans to Launch Cryptocurrency Trading Desk in Mid-2018

Major investment bank Goldman Sachs plans to launch a trading desk that will deal exclusively with digital currencies by June 2018 or earlier.

According to various reliable sources, the bank is still trying to resolve issues like the means on how it will hold or custody assets and how to ensure the security of the cryptocurrencies.

In an interview with Reuters, Goldman Sachs spokesperson Michael DuVally claimed that the decision behind the planned trading desk is driven by the bank’s efforts to meet the demands of its clients for digital currencies.

“In response to client interest in digital currencies, we are exploring how best to serve them.”

In a complete reversal of the claims by the reliable sources, Goldman Sachs’ public statements concerning the digital currencies showed that the bank has no interest in any form of a cryptocurrency strategy.

In his public statement in late November 2017, the bank’s chief executive officer (CEO), Lloyd Blankfein, claimed that they are not interested in Bitcoin and other digital currencies because they are still in their ‘infancy’ and they are very volatile to deal with.

“Something that moves up and down 20 percent in a day doesn’t feel like a currency, doesn’t feel like a store of value…”

If it works out — and it gets more established, and it trades more like a store of value, and it doesn’t move up and down 20 percent, and there is liquidity to it — we’ll get to it.”

If the claims of the anonymous sources are true, it seems that the bank has already changed its position on the cryptocurrencies, particularly Bitcoin.

This may be driven by the latest developments on Bitcoin in the past few weeks, including the successful launching by several major stock exchanges of Bitcoin Futures products.