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Goldman Sachs does its starting work


Goldman Sachs made its first cryptocurrency transaction and made its desk launch on Friday, two months after a US bank announced it had re-entered the emerging market.

A memo sent to employees Thursday, seen by the Financial Times, Rajesh Venkataramani, chief financial officer, told employees that the bank had “managed” to sell two types of bitcoin-linked products.

The bank said on March 1 that it would reopen its cryptocurrency-based trading platform due to growing customer base. Goldman was one of the first banks to launch the crypto industry but the launch of the desk in 2018 coincided with the high cost of bitcoin, which led to the bank’s failure. be quiet first job.

The price of bitcoin, very high money volume, has grown by 95% since the start of the year after a high-profile summit last year that became one of the world’s most successful economies. On Friday, bitcoin was trading at $ 57,385.

Goldman’s revitalized sale may not use the money to make money but instead sell futures and futures as part of the first “smaller” push in the air, according to Mathew McDermott, leader of the electronics industry.

Initially the bank only allows their major lending and private bank customers to reach out to their trading team and cryptocurrency research.

Venkataramani will lead the cryptocurrency trading team while McDermott oversees regions combining major bank and blockchain currencies. This new group is housed within the global banking system and emerging markets.

“I am pleased to announce the establishment of a cryptocurrency trading platform, which will be our desk to address the challenges facing our customers,” Venkataramani wrote in a letter sent on Thursday, first mentioned by CNBC.

The bank has also set up a dashboard for cryptocurrensets so that customers can provide market information and information about bitcoin and other channels. Due to legal constraints, banks are failing to sell their currency, and are simply abandoning regulated markets such as the future of bitcoin on the Chicago Mercantile Exchange.

“Looking ahead, we continue to increase our market presence, albeit slightly, driving riders who can help us increase our offerings,” Venkataramani added.

McDermott said in an earlier podcast in March that the bank saw a number of financial transactions since last year, recognizing that the current conference on bitcoin was run by experienced clients rather than trading partners.

Goldman is one of few in major US banks that recently announced plans to enter the developing crypto market.


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