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Goldman Sachs Postpones Launch of Bitcoin Trading Desk

Sep 6, 2018

Hinting at it earlier this summer, Goldman Sachs executives have confirmed that it is postponing the launch of a Bitcoin trading desk due to regulatory uncertainty, according to Business Insider.

In early May, Justin Schmidt, head of digital assets markets at Goldman Sachs, told The New York Times that the firm would trade Bitcoin if it could gain regulatory approval from the Federal Reserve and New York authorities. Since then, the investment bank assessed the global market and governing conditions–ultimately deciding that the cryptocurrency sector is still too immature for institutional entrance.

While the firm may have delayed a Bitcoin trading desk, Goldman Sachs already offers Bitcoin futures trading for clients and is currently developing a custodial solution.

The custodial service means Goldman Sachs would hold cryptocurrencies on behalf of funds and investors, providing a safeguard for client capital from hacking and cybertheft.

If enacted, Goldman Sachs would become the first major investment bank to back cryptocurrency funds–potentially drawing an influx of institutional capital to the sector.

Source & Full Article: Cryptoslate

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