Goldman Sachs has announced that it will be setting up its own trading desk dedicated to supporting cryptocurrencies. The desk would support the bitcoin and other major currencies. If this succeeds, Goldman Sachs would be the first major firm on Wall Street who would work with cryptocurrencies in mind.
The group is looking to expand upon its investment services reach. This would work with new investments and plans for getting out to more people. But the decision to go after cryptocurrencies may prove to be the most viable and distinct potential for Goldman Sachs to go after in terms of what is open.
Goldman Sachs has been working with bitcoin futures in the past but this new trading desk would provide people with more options for trading. This would entail support for a larger variety of currencies while working with a better setup for getting trades handled faster. It also uses a simplified interface for making this work.Advertisement
A full analysis of how the trading desk would be set up will have to be explored. It would work in the same market for currencies and commodities, thus adding to the overall trading plans that may be supported. The company’s goal is to get the new desk supported before the end of June 2018.
The move comes as Goldman Sachs CEO Lloyd Blankfein had been disputing the potential for the firm to work with cryptocurrencies. Although some futures have been offered, Blankfein has stated that the firm would not rush its way into the bitcoin industry too quickly. This comes as the bitcoin is still developing without too many considerations that will happen.
Goldman Sachs has been putting in a rather conservative approach to its investments in recent time. The firm asked while the futures were being cleared that clients put aside some funds to support the full value of a trade. This would be to help with establishing a better layout for handling currency although the conservative movement caused some investors to choose other entities to invest in.
Details on how the desk from Goldman Sachs would be supported will be revealed in the future. There is a potential that it may work within the same trading system where options and currencies are traded in the public market. This would offer electronic trading support that makes it easier for people to trade currencies and use them for many developments.
The general effort in this case is to try and find a way to serve the cryptocurrency industry. This is to establish a better organization that is supportive for the general public as more people are aiming to trade the bitcoin in many forms.
The possibility for Goldman Sachs to expand its cryptocurrency options will add to the potential for the bitcoin industry to grow. The chances for the currency to thrive will be important to notice. This may also cause other firms to try and go after the currency and to get something all the more valuable within the ongoing investment world.