Cryptocurrency
A $112 Billion Money Manager Asks Goldman for Lessons in Crypto via @crypto
As reported by Bloomberg Crypto, “It’s one of the last big money managers you’d expect to take an interest in cryptocurrencies. “But Korea Post, which oversees $112 billion and is run by the same South Korean government that warned virtual currencies might corrupt the nation’s youth, is trying to learn more about the nascent market. “Kang Seong-ju, […]
As reported by Bloomberg Crypto, “It’s one of the last big money managers you’d expect to take an interest in cryptocurrencies.
“But Korea Post, which oversees $112 billion and is run by the same South Korean government that warned virtual currencies might corrupt the nation’s youth, is trying to learn more about the nascent market.
“Kang Seong-ju, Korea Post’s president, said in an interview that he discussed cryptocurrencies with David Solomon, the incoming chief executive of Goldman Sachs Group Inc., at a recent meeting in New York. Korea Post staff will meet with Goldman’s crypto research team in Hong Kong at the end of this month to study digital assets, blockchain and related areas such as artificial intelligence.
Even Goldman Sachs, the Wall Street behemoth that trades in markets’ most esoteric assets, can’t find a way to trade bitcoin.
“’I asked Goldman to pass on their know-how in the cryptocurrency area,’ Kang said in an interview in Seoul. ‘Since cryptocurrencies are considered to have potential, and are something many people are watching, we’ll need to learn the strengths and weaknesses.’
“Read more from the interview.
“While Korea Post has no plans to invest in virtual currencies, the research trip underscores how the once-fringe asset class is moving closer to the mainstream. Goldman, one of the first Wall Street firms to clear regulated Bitcoin futures, has hired a head of digital-asset markets and is said to be considering a plan to offer cryptocurrency custody services as more institutional investors express interest in the space. The New York-based firm declined to comment on its arrangements with Korea Post.”