Goldman Sachs Cashes in, Re-Opens Bitcoin Trading Desk
Key Takeaways
- Investment bank Goldman Sachs first opened a crypto trading desk during a bear market.
- Reuters today reported that the bank has restarted the trading desk.
- Goldman Sachs has restarted its crypto trading desk, specifically Bitcoin futures, Reuters reported.
Goldman Sachs has restarted its crypto trading desk, specifically Bitcoin futures, Reuters reported today.
Goldman Re-Opens Bitcoin Shop
One of the world’s largest investment banks, Goldman Sachs, first launched a crypto trading desk in 2018—but later put things on hold due to a price crash.
The bank will start dealing Bitcoin futures for clients from next week, Reuters reported. The bank’s crypto team will work within the Global Markets division.
According to the report, Goldman Sachs will also be involved in an unspecified blockchain project and the development of central bank digital currencies (CBDCs).
The bank’s renewed crypto interest comes at a time when institutions are eying up assets like Bitcoin and Ethereum.
For example, the head of financial services giant Fidelity’s Global Macro, Jurrien Timmer, yesterday said Bitcoin had evolved as “digital gold.”
While U.S. financial services multinational Citi has also released a report where it said Bitcoin could be the world’s first choice currency for international trade.
Alongside the trading desk, Goldman Sachs is underwriting Coinbase’s alleged multi-billion public listing. Though unknown at press time, underwriters can earn up to 7% in fees for performing such duties.
Disclaimer: The author is invested in BTC, which is mentioned in this article.
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