Goldman Sachs is reportedly launching a bitcoin trading operation where it will trade bitcoin futures contracts on behalf of clients using its own money, starting as early as the next few weeks. The Wall Street investment firm will also offer its own bitcoin futures product to clients.
Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space
Goldman Gets into Bitcoin
According to the New York Times, Goldman Sachs is gearing up to launch a trading operation to buy and sell bitcoin futures for institutional clients. Reporter Nathaniel Popper wrote:
In the next few weeks — the exact start date has not been set — Goldman will begin using its own money to trade bitcoin futures contracts on behalf of clients. It will also create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients.
There were rumors last year of the firm planning to launch a cryptocurrency trading desk, such as a December Bloomberg article, citing people with knowledge of the strategy.
In January, CEO Lloyd Blankfein put an end to the rumors of Goldman Sachs launching a bitcoin trading desk, declaring that as far as “a principal bitcoin business where we’re going long and short bitcoin, market making, so far we’re not.” Nonetheless, CNBC quoted him admit that “we’re clearing futures in bitcoins for some of our futures clients. We’d clear them. We’re a prime broker and so if our clients are going to do it, we’re going to go do it.”
Clients Requests
Rana Yared, one of Goldman’s executives overseeing the creation of the trading operation, was interviewed by the New York Times. She conveyed to the publication,
