Business 1 year ago

Jasmine Solana

Bitcoin trading coming soon to Goldman Sachs

Divisions are starting to emerge on Wall Street following reports that banking giant Goldman Sachs is now taking Bitcoin seriously.

According to the Wall Street Journal, the multinational finance company is looking at introducing a trading operation involving the cryptocurrency in response to the increased interest among its clients, who are still keen on getting on the cryptocurrency trade.

A Goldman spokeswoman was quoted by CNBC saying that the bank is “exploring how to best serve” clients interested in the digital currency space.

Goldman is looking at building “a full-fledged team of traders and sales people” for its planned trading operation. And if all goes to plan, Goldman would become the first Wall Street giant to directly deal with cryptocurrency.

The report about Goldman’s cryptocurrency trading plans comes several weeks after Jamie Dimon, chief executive officer of rival JPMorgan Chase & Co., threatened to fire his traders who will start trading Bitcoin, which he called a “fraud” that will eventually “blow up.”

Meanwhile, Morgan Stanley CEO James Gorman is more optimistic about the potential of digital currencies like Bitcoin, which he described as “certainly something more than a fad.”

“I haven’t invested in it,” Gorman said, according to WSJ. “I’ve talked to a lot of people who have, and it’s obviously highly speculative, but it’s not something that is inherently bad. I think it’s a natural consequence of the whole blockchain technologies, as I understand it.”

Bitcoin is forcing traditional banks to adapt, as seen by the contrasting views emerging on Wall Street recently. And Goldman’s plans highlight the efforts that some banking behemoths are making as they scramble to identify opportunities in cryptocurrencies like Bitcoin, which promises to cut out the middleman—along with their outrageous fees—and help secure transactions using a distributed ledger system, resulting in decentralized transactions with relatively low fees.

Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Satoshi Vision (BSV) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BSV is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.

COMMENT

Goldman Sachs reverses course on Bitcoin trading desk – CRYPTOTIMES.MOBI

[…] sources close to the financial powerhouse confirmed late last year that the company was planning on launching a trading desk, Goldman Sachs has now […]

Your comment is awaiting moderation.

Goldman Sachs reverses course on Bitcoin trading desk | Bitcoin price media

[…] sources close to the financial powerhouse confirmed late last year that the company was planning on launching a trading desk, Goldman Sachs has now […]

Your comment is awaiting moderation.

UK issues guidelines for cryptocurrency derivatives - CoinRoundup

[…] have become a popular global trading vehicle. Financial powerhouses Goldman Sachs and Morgan Stanley joined two derivative-based exchanges, CME Group and Cboe, within the past […]

Your comment is awaiting moderation.

UK issues guidelines for cryptocurrency derivatives – CRYPTOTIMES.MOBI

[…] have become a popular global trading vehicle. Financial powerhouses Goldman Sachs and Morgan Stanley joined two derivative-based exchanges, CME Group and Cboe, within the past […]

Your comment is awaiting moderation.

Add a Comment

lastest news

Blockchain startup raises $24M for digital rights management

Business 11 hours ago

Blockchain startup raises $24M for digital rights management

Bluecoat, a blockchain company specializing in digital rights and royalties distribution, has already raised $24.25 million in funding, with notable personalities in the music industry assisting with the funding. In its press release, the company ...

Read More
Bitmain shuts down Israel office, leaving all 23 employees jobless

Business 12 hours ago

Bitmain shuts down Israel office, leaving all 23 employees jobless

After nearly three years of activity, Chinese crypto mining giant Bitmain is reportedly ceasing its Israeli operations this week. Citing sources familiar with the matter, Israeli news outlet Globes reported on Monday that Bitmain’s development ...

Read More
Warning: Scam site mimicking SVPool.com

Business 16 hours ago

Warning: Scam site mimicking SVPool.com

We're sending a warning to people in and out of the crypto industry. There is a website trying to cheat unsuspecting users looking to visit SVPool.com.  The individual or group is utilizing a common tactic ...

Read More