Cryptocurrency
Goldman Sachs is ditching near-term plans to open a bitcoin trading desk, instead focusing on a key business for driving Wall Street investment in crypto via @businessinsider
As reported by Business Insider, “Even Goldman Sachs, the Wall Street behemoth that trades in markets’ most esoteric assets, can’t find a way to trade bitcoin. “The bank is ditching plans to open a desk for trading cryptocurrencies in the foreseeable future, according to people familiar with the matter, as the regulatory framework for crypto […]
As reported by Business Insider, “Even Goldman Sachs, the Wall Street behemoth that trades in markets’ most esoteric assets, can’t find a way to trade bitcoin.
“The bank is ditching plans to open a desk for trading cryptocurrencies in the foreseeable future, according to people familiar with the matter, as the regulatory framework for crypto remains unclear.
“As part of that decision, Goldman has moved plans to open a desk for trading cryptocurrencies further down a list of priorities for how it can participate in cryptocurrency markets, the people said. It may revive these plans later, they added.
“But for now, Goldman is focusing on other projects such as a custody product for crypto, which would mean that the bank holds cryptocurrency and, potentially, keeps track of price changes on behalf of large fund clients. Many market observers have said that for large institutional firms to get comfortable trading bitcoin, there need to be reputable custody offerings to safeguard holdings.”