Goldman Sachs will provide cryptographic currency trading services

nRunaway Comment: As CBOE and CME launched their own bitcoin futures products, more and more traditional financial institutions began to further accept cryptocurrency this new technology. At present, Goldman Sachs Group is also preparing to carry out encrypted currency transactions, has embarked on a team to explore possible problems. In general, cryptocurrencies such as bitcoin are indeed being gradually integrated into mainstream finance, and industries should seriously consider how to deal with this situation.n
nTranslation: Inan
Goldman Sachs is set to become one of the first large U.S. banks to embrace cryptocurrencies such as bitcoin, and it is currently setting up a panel that has tackled the problems that arise when it comes to such deals. One of the big questions now is how the bank should store such assets because of the custody of assets.n
Goldman Sachs was also one of the first to back the bitcoin futures trade, while other similar large banks were hesitant to face the futures products as they were concerned about the volatility of bitcoin prices and their completely non-regulated status quo.n

Recently, there are still many examples of the traditional financial system catching up with the trend of Bitcoin. More and more established companies are beginning to support the growing cryptocurrency space and this trend will also involve more institutional investors. While there are still many who see Bitcoin as the exclusive currency for “drug traffickers and terrorists,” the backing of banks such as Goldman Sachs makes it somewhat legitimacy.n

Blockchain technology, a decentralized ledger system that drives bitcoin networks, is now attracting worldwide attention from industries looking to explore how to implement this technology in their existing systems. The concept of this immutable and auditable public ledger is appealing to many industries, especially banks. Other cryptocurrencies have also been applied in various use cases around the world, with some countries already announcing plans to issue digital government-supported digital payment systems.n

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