Tag: Goldman Sachs

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Crypto Markets News

Goldman Sachs Postpones Its Plans On Launching Its Cryptocurrency Exchange Platform, Blaming the Unclear Regulatory Framework

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.

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Crypto Markets News

Goldman Sachs Considers Cryptocurrency Custody Funds

The investment bank Goldman Sachs is considering starting to hold funds in cryptocurrencies as part of a commercial strategy, even though it remains skeptical of the cryptos market.

Goldman Sachs considers providing cryptocurrencies investments

Goldman Sachs is deliberating on the possibility of becoming the first investment bank on Wall Street to grant custody of its clients’ crypto assets, according to related sources. This financial company, which does not have a favorable view regarding Bitcoin (BTC) futures on the short-term, seems to be taking a new direction in its strategy of incursion into the crypto-verse.

Bloomberg’s anonymous sources assured that the execution of the plan would imply the protection of his clients’ crypto coins against “dishonest attacks,” as an alternative to reduce the risks linked to the ecosystem, such as frequent hacking. At the moment, the strategy is not official, as Goldman Sachs spokespersons have not made a statement on it.

If it does occur, the support of cryptos funds by a regulated institution such as Goldman Sachs may symbolize legal support for the disruptive proposal of crypto-economy, making it an object of interest to other individual and institutional investors as well as to listed investment funds.

However, Goldman Sachs’ position on cryptos is not very clear

In the latest report published by the financial firm, Goldman Sachs’ chief investment officer said that Bitcoin (BTC) “craze” is “one of the six factors that will create unrest in the markets during the remainder of 2018”, as “Bitcoin (BTC) will not maintain its value”, in his opinion.

In contrast to the report, which also states that cryptos “do not fulfill any of the three traditional functions of a coin,” they appointed Justin Schmidt as vice president and leader of the Digital Asset Market area last April. The inclusion of Schmidt came along with the evaluation of the opening of a cryptocurrencies trading desk.

Goldman Sachs’ new possible incursion into crypto-economy has been an open door for many months and with different projects. However, these may not yet materialize.

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Crypto News

Bitcoin (BTC) To Reach $15,000 By The End Of 2018, Thinks Goldman Sachs Ex-VP

Cryptocurrencies have been on a downward trend for several weeks until recently when the market began to surge. Although Bitcoin (BTC) peaked in December last year at almost $20,000, it is now worth about $6,500, which has risen some concerns among the cryptocurrency enthusiasts and investors. But, fortunately, this dark period might end, as a former Goldman Sachs employee thinks that the leading crypto by market cap will hit $15,000 by the end of the year.

Christopher Matta, the former vice president of the investment management division at Goldman Sachs, is a firm believer who, despite the downturn season, does see a bright future for Bitcoin (BTC). For this reason, he assured that by the end of the year the price of this crypto would be around $15,000.

After leaving the famous financial firm, Matta devoted himself entirely to the cryptocurrencies market, becoming co-founder of Media Luna Crypto Asset Management, a crypto investments consulting firm.

Bitcoin (BTC) to hit $15,000 by the end of the year, says the former Goldman Sachs VP

Due to his great optimism for cryptocurrencies, Christopher Matta believes that Bitcoin (BTC) has a long-term upward trend, so he urges people not to panic, bet on digital currencies and invest in them, especially on BTC.

“The bullish sentiment has not changed in the last six months,” Matta said, according to CCN. “The regulators have begun to intervene. We believe that smarter regulations can be good,” he added.

As for the introduction of Bitcoin (BTC) into the futures market, which has been listed by many experts as the reason why this digital currency has not experienced a significant rise in prices yet, the former director of Goldman Sachs assures that the volatility of the BTC prices has been maintained or even increased. Thus, it is quite difficult to determine whether futures affected the worth of this cryptocurrency.

Like Christopher Matta, there are many other somewhat optimistic opinions regarding the price of Bitcoin (BTC) and other digital currencies for the end of the year. However, it is important to remember that these are all speculations and that nobody can know what would happen in the cryptocurrencies market in the future.

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Crypto

Goldman Sachs To Launch “USD Coin”, Its Own ERC-20 Stablecoin Cryptocurrency Linked To The USD

Circle, a FinTech startup owned by Goldman Sachs, reported the future release of a Stablecoin crypto coin based on ERC-20 and tied to the US dollar value. The cryptocurrency owned by Goldman Sachs was referred to as the “USD coin” (USDC).

The crypto coin is sustained by the advancement of the CENTRE’s open source platform. USD Coin will operate as a “tokenized fiat money”, Circle declaring that the coin is of great significance to permit widespread adoption of the payments via blockchain technology. The new crypto coin also assists in the maturation of blockchain technologies that feature smart contracts.

USD Coin empowers customers to make use of USDC fiat tokens for cryptocurrency transactions and payments, as well as supplying a full stock of Stablecoin sustained by USD. USD Coin is designed on the open source platform Stablecoin for fiat money developed by CENTRE.

USD Coin is dedicated to providing alternatives to Stablecoin’s pre-existing offerings. Circle alleges that they have not been transparent, work in non-regulated jurisdictions with unspecified banking and auditing associates, and have been constructed as private proprietary-owned technologies. The USDC addresses this concerns by offering “detailed financial and operational transparency”.

Circle also stated that they will work within the legal regime of the US money transmission statutes, as would be the case for a corporation belonging to the fifth most important bank in the US, Goldman Sachs.

Goldman Sachs USD Coin is an ERC-20 Stablecoin tied with the USD

The USD Coin is constructed on the Ethereum ERC-20 Token standard and, therefore, it might be suitable for use on any cryptocurrency exchange that bears the ERC-20 standard. Also, it would be possible to use it with every single ERC-20-compatible digital cryptocurrency wallet.

There is a lot of interest from crypto ecosystem players, consumer companies, and banks to become USDC issuers and other tokens in different currency markets around the world.

Circle team

The supporters and sponsors of USDC are numerous, with the leading corporation in this regard being Bitmain, the renowned mining company and mining gear producer, which already plans a strategic $110 million investment in the new Goldman Sachs and Circle’s USD Coin (USDC) ERC-20 Stablecoin cryptocurrency.

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Crypto

New York Stock Exchange Might Introduce Bitcoin (BTC) Trading Platform, After Goldman Sachs Also Showed Interest In Crypto Investments

Despite the misgivings that many investors and managers have shown in recent months towards cryptocurrencies, the barriers to dealing with them seem to be becoming less and less resilient. Even on Wall Street s the New York Stock Exchange is up for accepting Bitcoin (BTC) trading on a future platform, specially designed for this.

Not much is known about the characteristics of the project. Also, is not yet a certainty, despite the inclination of some market participants to connect with cryptocurrencies via the New York Stock Exchange.

The news, which has been confirmed in the media by four people involved in the initiative, has not yet been confirmed by the New York Stock Exchange’s parent company. The plans came just hours after another US financial symbol, Goldman Sachs, has confirmed that it will carry out the first internal transactions relating to cryptocurrency in the upcoming weeks.

Prior to New York Stock Exchange, Goldman Sachs also announced upcoming Bitcoin (BTC) investments of their own

Goldman Sachs will use its money to place buy and sell orders on behalf of its clients in financial instruments that allow speculation on Bitcoin (BTC) futures. It will also offer them its own version of “futures”, called non-deliverable forward, which will allow bilateral transactions or by mutual agreement between customers, say the sources.

In this way, Goldman Sachs is taking a step forward when it comes to virtual currency trading, an issue that it has not yet brought to the attention of national authorities and regulators.

The lack of information and regulation on this type of product, which many do not even consider an asset, raises doubts about its viability as an investment destination. The enormous volatility of the Bitcoin (BTC) price is another issue for some traders.

However, this doesn’t seem to halt many people to invest big money in Bitcoin (BTC), a fact which, allegedly, is considered profitable for New York Stock Exchange which seems to be interested in launching its own Bitcoin trading platform. Even more, Goldman Sachs share the same point of view regarding BTC and cryptocurrencies.

 

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