Goldman Sachs Hires Cryptocurrency Trader to Help Firm Develop Digital Asset Trading Strategy

Goldman Sachs Hires Cryptocurrency Trader to Help Firm Develop Digital Asset Trading Strategy

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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