According to Bloomberg citing an unnamed inside source, Goldman Sachs is working on setting up a cryptocurrency trading desk by the end of June 2018. At the moment, the investment bank is evaluating how to maintain custody of the digital assets.
According to the report:
“The move positions Goldman Sachs to become the first large Wall Street firm to make markets in cryptocurrencies.”
Lloyd Bankfein, CEO of Goldman Sachs, has shown a cautious but open-minded attitude when it comes to digital currencies and the cryptocurrency market. Blankfein recently said:
“[Bitcoin] is not for me. But there is a lot of things that there weren’t for me in the past that have worked out very well. If it was 20 years forward and it worked out, I could tell you why it worked out. But based on everything that I know, I am not guessing that it will work out.”
Earlier this month, Goldman Sachs came out with another massive announcement, saying that they will clear Bitcoin Futures contracts for its clients. Nevertheless, the bank insisted that at least some of its clients should maintain an account with enough funds to cover the full value of the Bitcoin futures they traded and consequently some of the customers left the firm.
Goldman Sachs is widely regarded as one of the most elite firms on Wall Street. High-profile people working in executive positions at the bank often retire to take powerful positions within the US government. Current treasury secretary Steve Mnuchin and former secretary Hank Paulson both had high positions at Goldman.
Given that Goldman decided to get involved in the cryptocurrency market, it is very likely that other elite investment banks on Wall Street will follow.