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Goldman Sachs to Launch Trading Desk for Cryptocurrency: Report

Goldman Sachs will be the first Wall Street giant to set up markets in cryptocurrencies.

Published
Business
1 min read
<p>There are many cryptocurrencies besides Bitcoin available online.&nbsp;</p>
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American multinational finance company Goldman Sachs is setting up a trading desk to trade in cryptocurrencies like Bitcoin, according to a report by Bloomberg.

Goldman Sachs aims to get this trading desk ready by the end of June 2018, sources told Bloomberg. One source however, indicated that the company is still trying to figure out the potential security risks.

This move makes Goldman Sachs the first Wall Street giant to set up markets in cryptocurrencies. They are now setting up a team in New York for the same, according to Bloomberg.

“In response to client interest in digital currencies, we are exploring how best to serve them,” Michael DuVally, a spokesman, said in a statement procured by Bloomberg.

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In October, Goldman's CEO Lloyd Blankfein tweeted that his organisation was looking into how to deal in bitcoins.

In a Bloomberg TV interview last month, Blankfein said his bank didn’t need a bitcoin strategy yet because digital currency is still a developing phenomena.

(With inputs from Bloomberg)

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