The world’s leading investment bank, Goldman Sachs Group Inc, has begun a crypto trading desk that will be handling bitcoin futures and non-deliverable forwards on behalf of its customers.
In a report credited to Reuters, it was revealed that the elite investment team will be positioned under the U.S. bank’s Global Markets division.
The desk is part of the investment bank’s fast-growing crypto-assets sector, which also includes projects involving central bank digital currencies and blockchain technology.
Goldman Sachs is also exploring the creation of a bitcoin exchange-traded fund and has issued a request for information to explore such a crypto service.
What you should know: The $119 billion valued investment bank is one of the world’s most elite investment bank, headquartered in New York and known to offer a broad range of financial services across investment trading, banking, securities, and lately consumer banking to a large and diversified client base.
This comes as no surprise, as highly respected business leader, Michael Saylor had earlier revealed that top representatives from about 7,000 companies attended MicroStrategy’s recent Bitcoin seminar, which the leading business intelligence company organized to aid companies interested in buying Bitcoin as a treasury asset.
“We had people from SpaceX there. We had people [from] some of Elon Musk’s companies. We had people from Marathon there.
“The ones you would expect were there, but of course, there’s an avalanche of private companies, and there were a decent number of public companies and treasurers and CFOs that were lurking.
“Some don’t want to have their names mentioned, as you can imagine, because it’s a sensitive topic,” Saylor said.
However, a significant number of traditional finance experts are not buying into the flagship crypto’s bullish run, as they see little value in the digital currency on the account that they believe Bitcoin, and other leading cryptos are just part of a larger speculative bubble.
At press time, Bitcoin traded at $49,026.27 with a daily trading volume of $54.6 Billion. Bitcoin is up 5.52% for the day.