Goldman Sachs is restarting its cryptocurrency trading desk as hype on the market becomes more obvious, Reuters has learned, citing a person, familiar with the matter. The US bank tried to launch the cryptocurrency desk back in 2018, but had to put on hold plans due to regulatory uncertainty over the cryptocurrency market.
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This time, Goldman Sachs is also exploring the potential for its own cryptocurrency custodian and a bitcoin exchange traded product, Reuters' source added. The team will reportedly be located within the US bank’s Global Markets division.
Earlier this year, the Global Head of Commodities Research in the Global Investment Research Division at Goldman Sachs, Jeff Currie, said that the Bitcoin (EXANTE: Bitcoin) market is "beginning to become more mature." Currie noted the current participation of institutional investors in the cryptocurrency market is relatively small as roughly 1% of smart money was invested so far.
However, according to Goldman Sachs Wealth Management CIO, Sharmin Mossavar-Rahmani, bitcoin (EXANTE: Bitcoin) failed as a medium of exchange due to its "long-term volatility." The Goldman Sachs' executive said earlier that general hype does not mean the cryptocurrency can be considered as a store of value.
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