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Goldman Sachs conducted its first cryptocurrency trading and formalized the bitcoin table setup on Friday, two months after the US bank announced it would enter the new market.
In a note sent to employees on Thursday, the Financial Times observed that the head of major currencies, Rajesh Venkataramani, informed employees that the bank had “successfully run” two bitcoin-related businesses.
The bank said on March 1 that it would reopen its cryptocurrency trading desk due to growing demand from institutional customers. Goldman was one of the first banks to create a crypto operation, but the creation of the table coincided with the tremendous price of bitcoin in 2018, prompting the bank to ask. leave it alone initial project.
The value of Bitcoin, the highest cryptocurrency by volume, it has risen 95 percent since the start of the year, following last year’s spectacular rally, making it one of the best financial assets in the world. On Friday, bitcoin traded at $ 57,385.
The revived Goldman trading table will not negotiate cash cryptocurrencies, but will negotiate futures and undeliverable advances as part of an initially “relatively tight” push into space, according to digital assets team leader Mathew McDermott.
Initially the bank will allow its main brokerage and private bank customers only access to the trading team and cryptocurrency research.
While Venkataramani will lead the cryptocurrency trading team, McDermott will control the central bank’s digital currencies and blockchains. The new group is part of the bank’s global currency and new market businesses.
“I am pleased to announce the creation of the company’s cryptocurrency trading team, which will be a centralized cryptocurrency risk management table for our clients,” Venkataramani wrote in a statement on Thursday, the first time reported. CNBC.
The bank has also launched a cryptocurrency panel to provide customers with market data and information about bitcoin and alternatives. Due to regulatory concerns, banks are unable to negotiate cash cryptocurrencies, and are limited to regulated markets, such as bitcoin futures on the Chicago Mercantile Exchange.
“Looking ahead, as we continue to expand our market presence, albeit in a measured way, we are selectively introducing new liquidity providers to help expand our offering,” added Venkataramani.
McDermott said in a podcast in early March that the bank had increased demand for cryptocurrency services last year, noting that the current rally for bitcoin has been targeted at professional clients rather than retail investors.
He is a Goldman handful News of major US banks that have announced temporary efforts to introduce a major rise in cryptography.
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