The New York banking and investment group Goldman Sachs put aside its plans to trade cryptocurrencies, alleging that the regulatory framework for cryptos remains unclear, according to a press report released recently. However, Goldman Sachs, which would be preparing a cryptocurrency exchange platform, would have placed the project on its low priority list.
Goldman Sachs postpones its plans on launching a cryptocurrency exchange platform
According to Business Insider, Goldman Sachs would still be interested in participating in the cryptocurrencies market but, for now, its focus would be on other projects, such as designing a cryptocurrency custody service.
“In response to customers’ interest in various digital products, we are exploring the best way to serve them in this space. At this time, we have not concluded the goal of our offer,” an unidentified Goldman Sachs spokesman said.
This news confirms, to some extent, that Goldman Sachs’ customers have interest in cryptocurrencies, but the financial institution would offer such services only as an alternative that complies with the established regulatory framework surrounding cryptos.
Goldman Sachs is exploring the benefits of its emergence in the cryptocurrencies market since January
In January of this year, the bank denied press reports claiming that they were working to open a cryptocurrency exchange platform.
At that time it was Lloyd Blankfein, CEO of Goldman Sachs, who stated that “the company would have more openness to this type of investments whenever our clients request them.”
Last April it was also reported that Goldman Sachs hired an expert in crypto trading, Justin Schmidt, to explore the benefits of a Goldman Sachs crypto trading platform, which the financial institution is now postponing on the grounds of lack of cryptocurrency regulations clarity.
Is evident that Goldman Sachs is taking steps to get into the cryptocurrency universe, but, according to the latest information in this direction, the New York-based financial institution postponed its plans on releasing its own cryptocurrency exchange platform.