Goldman Sachs Plans On Opening A Cryptocurrency Trading Desk

On this Monday, April 23rd, it was reported that Goldman Sachs, a major US investment bank, hired an expert in cryptocurrency trading and was evaluating the possibility of opening a cryptocurrency trading desk.

According to the sources, this trader is Justin Schmidt and joined the ranks of Goldman Sachs the previous week with the position of vice president and leader of the area of cryptocurrencies markets of this firm. Also, spokespersons of the company explained that this is the first time they hired an expert in cryptocurrencies and that they have made this decision due to the growing interest that their clients have in the cryptocurrency trading.

On the other hand, according to sources related to Business Insider, Schmidt would join Goldman Sachs to explore the options the company can have in the cryptocurrencies market, including the launch of a desk of cryptocurrencies investments.

Goldman Sachs would be the first bank in the US to implement a cryptocurrency trading desk

If the possible launch of a trading desk focused on cryptocurrencies materializes, Goldman Sachs would be the first US bank to offer this service to its clients.

Rumors of a possible opening of a cryptocurrency trading desk by Goldman Sachs have been heard since last December since Bloomberg published an article claiming that this bank was planning to launch this trading desk but, back then, officials from Goldman Sachs denied these rumors.

Goldman Sachs already offers its clients some services related to cryptocurrencies since it offers exposure to its clients of the future Bitcoin (BTC) contracts launched by CBOE and CME Group, that is, so far the role of Goldman Sachs in the cryptocurrency market.

Just last week, it became known that Barclays, an investment services company based in London, was studying the launch of its own cryptocurrency trading desk, which would be the first of its kind in Europe. So, more than one important financial institution is evaluating offering this type of services to its clients. We shall see if Goldman Sachs will implement such a crypto-related service soon.

Jackson Bey

Jackson Bey was born and raised in Lethbridge Alberta but moved east when he was 22. Apart from running his own consulting firm. Jackson spends his time canoeing the many lakes of Ontario. As a financial journalist Jackson has published stories for CBC Business Online, as well as Buzz Feed and Motherboard. As a contributor to Billionaire 365, Jackson mostly covers markets and trade.

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