Goldman Sachs wants to explore cryptocurrency deeper than ever
Goldman Sachs Group, one of the world’s largest financial bodies, wants to do more than just trading using cryptocurrencies. They say they are exploring cryptocurrency trade deeply and are on the verge of something really big!
David Solomon, the Chief Operating Officer at Goldman Sachs, said,
“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
The company made an announcement about a month ago about starting a trading desk. The bank is reportedly preparing to pioneer a new cryptocurrency market on Wall Street. It plans to start small and offer a limited number of derivatives, according to a person briefed on the decisions.
However, the recent crash of all cryptocurrencies has put Goldman Sachs in a confused state about whether or not to take the decision. If the bank wants to make the $284 billion cryptocurrency market profitable for itself and all its investors, a thorough analysis of the trends is required, which is what they are currently involved in.
If the venture doesn’t turn out to be profitable for the banking giant, it could affect the global financial system to a huge extent. Goldman Sachs must “evolve its business and adapt to the environment”, is what David Solomon feels.
Image via Shutterstock
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