Goldman Sachs To Launch a Bitcoin Trading Desk

Goldman Sachs To Launch a Bitcoin Trading Desk

The investment banking giant, Goldman Sachs, will be launching a Bitcoin trading desk confirmed on Wednesday, May 2.

The New York Times reported today that the US largest financial instant vision will be preparing to use its own funds in order to sponsor a variety of investment contracts to the Bitcoin price. They hope to eventually trade the real digital currency within the near future. This will be pending approval from the Federal Reserve and other state-level authorities.

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Goldman Sachs has planned to set up a cryptocurrency trading desk since last December however executives at the branch claim that these reports were false. Regardless, the bank has now confirmed that it will begin offering clients a futures contract called a “non-deliverable forward” which will be linked to Bitcoin.

The executive of Goldman Sachs, Rana Yared stated that the creation of the Bitcoin trading desk has people at the firm “skeptical” however other key players and investors have voted to open the platform.

Hedge fund investors and other institutional investors garnered enough interest that they voted to approve the trading desk. This will become the first major US bank to use its own funds to trade cryptocurrencies and other cryptocurrency derivatives.

Eventually the bank hopes to receive regulatory approval from the Federal Reserve in order to begin trading real Bitcoins within the foreseeable future. This development will most certainly solidify the cryptocurrency’s status as a mainstream financial asset.

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