Goldman Sachs will finally launch its widely-rumoured bitcoin trading operation after the investment banking giant succumbed to pressure from clients enthusiastic about cryptocurrency. The Wall Street investment firm will also offer its own bitcoin futures product to clients.
According to the New York Times, Goldman Sachs is gearing up to launch a trading operation to buy and sell BTC futures for institutional clients. Reporter Nathaniel Popper wrote:
“In the next few weeks — the exact start date has not been set — Goldman will begin using its own money to trade bitcoin futures contracts on behalf of clients. It will also create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients.”
While Goldman will not initially be buying and selling actual Bitcoins, a team at the bank is looking at going in that direction if it can get regulatory approval and figure out how to deal with the additional risks associated with holding the virtual currency.
The operation, led by the firm’s first-ever “digital assets” trader Justin Schmidt, is expected to begin within the next few weeks, though an exact date has not been set. When it launches, Goldman Sachs will use its own funds to trade bitcoin futures on behalf of clients.
Rana Yared, one of the Goldman executives overseeing the creation of the trading operation, said the bank was clear-eyed about what it was getting itself into.
“I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world. For almost every person involved, there has been personal skepticism brought to the table.”
Goldman is known for pushing the envelope in the trading of complicated products.
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