But the company is not turning a blind eye completely. The firms executives often retire to take powerful positions within the US government. A spokesperson announced it was working to meet the demands of their clients who have expressed an interest in cryptocurrencies. In response to client interest in various digital products we are exploring how best to serve them in this space. As did the opening of futures trading on CME and cboe, this move further legitimizes the cryptocurrency asset class. We are hoping to hear more on this in the weeks coming. That appears not to be the case anymore, and markets are not taking the news well.
Goldman Sachs from involvement with the market. According to the report : The move positions Goldman Sachs to become the first large Wall Street firm to make markets in cryptocurrencies. The rumor mill has been churning for some months now; it was believed that Goldman Sachs had been making significant progress toward establishing a direct crypto trading desk. Goldman Sachs Drops Crypto Trading Desk Plans. The firm made headlines earlier this month by saying they will clear Bitcoin futures contracts for their clients, which is an important step for such a usually conservative firm. From skyrocketing valuations and market caps, cryptocurrencies have come way back down to earth. Ethereum, Ripple, and Litecoin did basically the same, with ether giving up binary option vemoption double digits. Having an investment bank with its pull and power was seen by observers as previously handing over its seal of approval, a very valuable imprimatur on cryptocurrency. Or create a paper wallet. The Goldman Sachs Rumor Mill. Well, catalysts for the rumor go back to 2017 and began when the bank hired seasoned crypto trader Justin Schmidt.
Goldman Sachs (nyse:GS) has finally clarified that a cryptocurrency trading desk is not in its plans for the foreseeable future. Iran Crypto: The Iranian Government Finally Recognizes Cryptocurrency. Even if its not true, it should be enough to cause a minor selloff like this in cryptocurrencies. Breaking news, rumors have been swirling for awhile, but according to Bloomberg, Goldman Sachs will be setting up a cryptocurrency trading desk by the end of June 2018. At present, the investment bank is trying to determine how it will maintain custody of the digital assets. It was only early last month when rumors circulated that the legacy financial institution was even doubling down on their digital asset fever. And today with a recent report on Business Insider, the rumors are laid to rest. Also read: Squares Big Week: Crypto Patent, Shares Leap, and Lightning Plug.