Cryptocurrencies Traded by Goldman Sachs Next Year

The company Goldman Sachs just became the largest convert to digital currencies on Wall Street.

Jamie Dimon the JP Morgan Chase CEO said earlier this year that bitcoin is a scam and he will remove every employee who trades it. Now The famous investing bank Goldman Sachs led by Lloyd Blankfein is  preparing to set up its own cryptocurrency trading desk.

Goldman plans to begin buying and selling cryptocurrencies such as bitcoin as early as June, though the bank is still figuring out how it will store the digital assets and keep them secure, according to a Bloomberg report published on Thursday afternoon.

Goldman remains with this action on the leading position of Wall Street banks amid cryptocurrency boom of this year.

At the time when CBOE Global Markets and CME Group began listing the world’s first bitcoin futures in December, the company started to clear those transactions. Citigroup and Bank of America, as well as some other banks stayed out of it.

Goldman’s trading desk will be set up in New York, according to Bloomberg, though it isn’t yet clear in which division it will be housed. One possibility is the fixed-income, currencies and commodities unit.

It’s still uncertain if other Wall Street players will follow Goldman’s lead. Digital currencies has seen a huge interest from the start of this year, including hedge funds, venture capitalists and other investors. The market capital amount raised from $18 billion to $600 billion on Dec. 21.

 

 

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