US Largest Investment Bank Explores Crypto Derivatives, Says COOJune 21, 2018
Goldman Sach, leading investment banking company in the U.S. is exploring digital currency trading derivatives; this is what David Solomon told in an interview with Bloomberg yesterday. David Solomon is the Chief Operating Officer of Goldman Sachs.
David Solomon Goldman Sachs COO said that they are already helping customers in openly traded crypto derivatives like BTC or Bitcoin futures. The company is also carefully considering some other activities in the field.
According to David Solomon, the aim of Goldman Sachs is to evolve its company. They are also looking forward to adapting to the setting with respect to digital currencies. Goldman Sachs is clearing some futures around cryptocurrency most especially Bitcoin, talking about doing various activities there, but is going very vigilantly. David Solomon also commented that on behalf of the company, they are paying close attention to their clients and they will do everything to help them as they are exploring those things as well.
Yesterday, June 20, 2018, Lloyd Blankfein, Chief Executive Officer of Goldman Sachs verified positive stance on digital currencies. He claims that the adaptation of virtual coins like BTC can happen the same way to the adaptation of conventional fiat money, which replaced silver and gold coins.
The position of this investment company toward digital currency has changed as virtual assets have grown more popular all over the world. In 2014, this company argued that BTC doesn’t qualify as a currency. On the other hand, 3 years later, they said that it has become trickier for institutional traders and investors to take Bitcoin and other types of digital currency for granted. December last year, Goldman Sachs was even rumored to be launching its own crypto trading desk.
While they denied the report of launching their own crypto trading desk, early in 2018, the stand of this company toward digital currency has softened. A month ago, they said that digital currency isn’t fraud. In fact they unveiled plans to start trading in virtual assets.
Days ago, Thomas Less Fundstrat head of research suggested that the current decline in BTC was due to the expiration of futures. On the 9th of June, the Commodity Futures Trading Commission or CFTC requested trading statistics from crypto exchanges like Kraken, itBit, Coinbase, and Bitstamp. This move is part of a survey whether the platform was engaged in activities which can trigger price manipulation when calculating the cost of BTC futures.