Wednesday February 19, 2020
Home Business Goldman Sachs...

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.

0
//
It will trade Bitcoin futures in a principal, market-making capacity and will also create non-deliverable forward products.
Bitcoin, Pixabay

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)

Next Story

Tech Giant Samsung Bags Top Position in US Home Appliances Market For Fourth Consecutive Year

Samsung was the No. 2 player in the microwave oven market last year with a 14.5 per cent share

0
Samsung
Samsung Electronics said it accounted for a record 20.5 per cent of the US market for home appliances products last year, citing data compiled by industry tracker Traqline. Wikimedia Commons

Samsung Electronics Co. said on Wednesday it topped the US home appliances market for the fourth consecutive year in 2019 due to solid sales of its new and premium products.

Samsung Electronics said it accounted for a record 20.5 per cent of the US market for home appliances products last year, citing data compiled by industry tracker Traqline.

By quarter, the company stayed in the top position for 15 straight quarters after leading the fourth quarter of 2019 with a 21.6 per cent share, Yonhap news agency reported.

The South Korean tech giant said its dryers accounted for 20.8 per cent of the market in 2019, marking the company’s third consecutive year as the No. 1 player.

Samsung also said it made up 20.5 per cent of the US washer market in 2019, leading the sector for four straight years.

For refrigerators, Samsung took a 23.7 per cent share in 2019 to retain its top status for a fourth consecutive year.

Samsung
Samsung Electronics Co. said on Wednesday it topped the US home appliances market for the fourth consecutive year in 2019 due to solid sales of its new and premium products. Wikimedia Commons

In particular, the company said it accounted for 32 per cent of the French-door refrigerator segment, making it the leading player for the 11th consecutive year.

ALSO READ: Short-Video Making App ‘TikTok’ Tests User Profile Design Similar To Instagram

Samsung was the No. 2 player in the microwave oven market last year with a 14.5 per cent share. (IANS)