Banking giant Goldman Sachs is returning to the crypto trading field with a newly set up Cryptocurrency Trading Desk after roughly 3 years. This banking powerhouse has been staying low in crypto after the 2018 market-crash.
It is widely thought that the recent crypto-surge has influenced this restart. A spokesman from Golden Sachs, corresponding to this matter told Forbes that “The cryptocurrency trading operation is set to begin dealing bitcoin futures for clients later this month”.
The desk will be operative under the “Global Markets” division, which is the most significant segment according to assets and revenue. This segment also involves the projects corresponding The desk will function as a ‘market maker’, mostly managing the purchase and retail of bitcoin. However, no clue has been found whether the bank would maintain any crypto balance for itself.
As a part of this initiative, the bank is searching for potentials for setting up a bitcoin exchange-traded fund. Furthermore, according to the source, the bank has issued a request for information on digital asset custody.
Back in 2018, Goldman launched a cryptocurrency desk, as bitcoin faced a huge plunge, driving a significant number of investors away.
Bitcoin, the largest cryptocurrency, is currently attracting a massive number of new investors as it has been remaining volatile since last year and has broken several gain records in February 2021 shortly after Tesla CEO Elon Musk’s investment.
These incidents are influencing virtual currency and corresponding initiatives to keep investors allured, who are expecting to invest in bitcoin, considering a calculative risk.
Therefore, it goes without saying that opening a crypto-trade desk is going to bring remarkable advantages to Goldman.