Goldman Sachs tackles digital currencies
Last Thursday, Bloomberg disclosed the revelations of some employees regarding Goldman Sachs projects related to cryptocurrencies. According to these sources, Goldman Sachs is about to create a division specifically dedicated to the exchange of bitcoin and other digital currencies. The sources added that this new division could be created no later than the end of June 2018.
If this project is indeed completed, Goldman Sachs would become the first Wall Street company to own a cryptocurrency trading platform.
Some sources said, however, that the Goldman Sachs team - led by Lloyd Blankfein - is currently in the research process to develop a technique to both hold digital assets and address security issues. This is not surprising given that the CEO himself has often confessed not to give Bitcoin a blind trust.
Some details about this Goldman Sachs platform
According to Bloomberg, the famous bank has not yet decided the exact location of its new "crypto-division". The company apparently would be setting up a team in charge of the crypto platform in New York. What is certain according to Bloomberg, is that this new activity will involve both the strategic investment group of Goldman Sachs, as its branch dedicated to currency trading.
Knowing the immense reputation of this US investment bank, the creation of a platform dedicated to cryptocurrency would propel it probably among the most used platforms of the moment - like Coinbase or BitFinex. On the other hand, Goldman Sachs' next entry into the cryptocurrency arena will likely further increase the total market capitalization of the crypto universe.