Goldman Sachs Puts Plans for a Crypto Trading Desk on Backburner

08 September, 2018, 00:15 | Author: Mary Valdez
  • Bitcoin Value Drops Sharply, Concerning Investors and Experts

Goldman Sachs is reportedly abandoning plans to launch a cryptocurrency trading desk.

But since then, its value has steadily dropped, and following a number of crashes, the most popular cryptocurrency is now worth less than $7,000. The news has investors nervous that the USA financial giant might know something about Bitcoin and cryptocurrencies that the market has not learned yet.

Yesterday's movements were attributed to a move by Goldman Sachs that put the breaks on plans to begin crypto trading in order to concentrate on getting its custody and storage systems up-and-running.

Bitcoin BTC=BTSP was trading down almost 4.8 percent at $7,007 on the Luxembourg-based Bitstamp exchange on Wednesday.

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The Goldman Sachs company logo is seen in the company's space on the floor of the New York Stock Exchange, (NYSE) in New York, US, April 17, 2018.

The Wall Street giant has not given up hope of trading cryptocurrencies entirely.

For the time being, Goldman will direct its efforts toward custody services, where it securely holds crypto assets on behalf of its large institutional clients to ensure those assets are kept safe and secure.

However, while at a TechCrunch conference in San Francisco on Thursday, the CFO of Goldman Sachs, Martin Chavez, disputed any claims that the bank had been considering setting up a trading platform, saying that such was fake news and that Goldman Sachs has never set any timeline for building such a trading desk.

However last night's fall was created, it is a further blow to any thoughts of a concerted recovery in the crypto markets, at least for now. With the U.S. Securities and Exchange Commission (SEC) still pushing back on proposals for bitcoin exchange-traded funds, for instance, U.S. governmental authorities have not yet embraced cryptocurrencies to the extent many had expected by this time. Goldman Sachs will be proceeding to provide "crypto futures and forwards" for its clients.

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