Goldman Sachs will set up a cryptocurrency trading desk

nRunaway Comment: It is reported that the global financial giant Goldman Sachs is preparing to set up a cryptocurrency trading desk, as the first step in creating digital currency trading market. The move will make Goldman Sachs one of the few established financial institutions that aggressively accept cryptocurrencies, helping the company better serve its customers and maintain its competitive advantage in an increasingly complex and diversified financial environment.n
nTranslation: Inan
From the latest news, at least one major Wall Street company is increasingly willing to accept cryptocurrencies.n
According to informed sources, Goldman Sachs Group is setting up a trading desk to develop bitcoin and other digital currencies trading market. The bank’s goal is to start this business by the end of June next year. Another insider said Goldman Sachs is still trying to solve security problems and exploring how to hold and keep those assets.n
This move made Goldman Sachs the first large Wall Street company to create a cryptocurrency market. The skyrocketing price of encrypted cryptocurrency has aroused people’s endless reverie, but it has not yet been adopted by veteran institutions. Goldman Sachs has joined the ranks of CBOE and CME, which have released bitcoin futures, as one of the few mainstream companies to accept the new thing. Companies such as Citigroup and Bank of America have been on the sidelines.n
One of the informed sources said Goldman Sachs is in New York to form a team. Although the bank has not yet decided where to set up the trading desk, it may be included in the systemic trading functions of Goldman Sachs’s Fixed Income, Currency and Commodities division, which electronically trades. At the same time, the company’s major strategic investment unit is also looking for opportunities to embrace this new technology.n
Michael DuVally, a Goldman Sachs spokesman, said in a statement:n
n”In response to our customers’ passion for digital currencies, we are exploring ways to provide them the best possible service.”n
nGoldman Sachs CEO Lolyd Blankfein (Lloyd Blankfein) has been more cautious public statements. In October, he made the announcement that Goldman Sachs is studying how to deal with bitcoin. In a Bloomberg television interview last month, he said Goldman Sachs does not yet need a Bitcoin strategy because digital currencies are still under development and volatile.n
Goldman Sachs began clearing liquid futures earlier this month asking some customers to set aside funds equal to the value of their deals. This conservatism frustrated some customers and led them to do business elsewhere.n

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