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According to the business news outlet Tearsheet, Goldman Sachs hired a securities trading veteran by the name of Justin Schmidt to help their firm develop a digital asset strategy. However, the banking giant still continues to deny that it’s officially launching a crypto asset trading desk.
Schmidt previously held a Senior Vice President position at Seven Eight Capital. He now serves as the Vice President of Goldman Sachs securities division as well as the head of digital asset markets.
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The hiring of Mr. Schmidt renewed a debate over whether the bank would be launching an OTC (over-the-counter) cryptocurrency trading desk. For the time they deny that this is the case.
Regardless, the rumors have circulated since last year when Bloomberg reported that the firm would be launching a crypto trading desk by the end of June 20 18. The CEO of Goldman Sachs, Lloyd Blankfein has denied these reports, however has left the conversation open regarding a potential “crypto play” in the near future.
Goldman Sachs currently owns a cryptocurrency trading desk indirectly through the Fintech startup Circle who launched a range of cryptocurrencies including an OTC trading desk that does more than $2 billion in trades per month.
Another banking giant, Barclays stated that it began approaching clients the gauge but there’s enough interest in cryptocurrency trading to start an institutional service.
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