Saturday, December 5, 2020
Home Business Goldman Sachs to enter Cryptocurrency Market

Goldman Sachs to enter Cryptocurrency Market

It will trade Bitcoin futures in a principal, market-making capacity and will also create non-deliverable forward products.

Don’t call Goldman Sachs Group Inc’s long-awaited Bitcoin-trading business a full-fledged desk, and don’t expect it to buy and sell bitcoins, at least at first.

The bank, preparing to pioneer a new cryptocurrency market on Wall Street, plans to start small and offer a limited number of derivatives, according to a person briefed on the decisions. It will trade Bitcoin futures in a principal, market-making capacity and will also create non-deliverable forward products.

Don’t call Goldman Sachs Group Inc’s long-awaited Bitcoin-trading business a full-fledged desk, and don’t expect it to buy and sell bitcoins, at least at first.
Goldman Sachs, Business Standard

Read also: Apple Leads Global Tablet Market, Samsung Second

Wall Street firms began offering clients futures from Cboe Global Markets Inc and CME Group Inc in December. But one issue with buying and selling actual bitcoins is that they can be stolen by hackers. That means any bank looking to facilitate those transactions will have to figure out how to guard such assets, a step that could require a nod from regulators.

Goldman Sachs already hired Justin Schmidt as head of digital asset markets to help clients gain exposure to cryptocurrencies. He will sit on the firm’s currency desk, a source said, discussing internal plans.

The New York Times reported on Thursday the bank’s decision to offer forward products, noting that the business will start in the next few weeks. (Business Standard)

STAY CONNECTED

19,120FansLike
362FollowersFollow
1,777FollowersFollow

Most Popular

The High Cost Of Cheap Fashion: Ultra Fast Fashion

Fast fashion has almost become a dirty word. With people unable to afford high-end fashion, let alone handcrafted sustainable fashion, fast fashion is what...

Celebrate The Weekend In Style With ITC Maurya’s Delhi Weekends Call

With ITC Maurya Delhi Weekends call for extravagant indulgences! Gather with loved ones and feast on a stellar selection of western and Indian fare...

Researchers Developed A Diagnostic Tool To Detect Fatty Liver Disease

Researchers have developed a diagnostic tool, based on nuclear magnetic resonance (NMR), that could be used to detect fatty liver disease or liver fibrosis. "Since...

The North East Festival Will Be Held In Guwahati, Assam This Year

The North East Festival, a popular event held in Delhi's Indira Gandhi National Centre for the Arts ever since its inception seven years ago,...

India’s E-Commerce Industry Reported Nearly 56 Percent Growth This Festive Season

India's e-commerce industry reported nearly 56 percent growth in order volume this festive season amid the pandemic as compared to the same period last...

‘Operation Talwar’, A Story Of The Valour Of The Indian Navy

BY SHANTANOO MISHRA If the border of a country is secure, then both development and history can be created. All the three armies of India...

Indian American Teen Gitanjali Rao Is ‘Kid Of The Year’ By TIME Magazine

TIME magazine has put an Indian American teen "scientist and inventor" Gitanjali Rao on its first-ever 'Kid of the Year' cover, selected from a...

Christopher Nolan: Indian Films Are Wonderful And Are Kind Of Fundamental

Christopher Nolan feels Hindi films happen to retain the fundamental reasons due to which we enjoy cinema, and that Hollywood has lost some of...

Recent Comments