Goldman Sachs Hints Again At Expanding Its Crypto Ventures

Original Source    2018-06-21 10:06

Goldman Sachs Hints Again At Expanding Its Crypto Ventures

Investing, News | June 21, 2018</ br> By:

A key executive for Goldman Sachs has confirmed a long-standing rumor – the investment bank is looking to get into the cryptocurrency market beyond its current derivatives venture.



Chief operating officer David Solomon made the remarks in an interview with Bloomberg TV in China.  Solomon is considered a leading candidate to replace outgoing CEO Lloyd Blankfein.

“We are clearing some futures around bitcoin, talking about doing some other activities there, but it’s going very cautiously,” said Solomon.  “We’re listening to our clients and trying to help our clients as they’re exploring those things too.”As

 Regarding digital currencies, Goldman Sachs must “evolve its business and adapt to the environment,” he said.
Earlier this year, the firm hired its first head of digital asset markets, naming former trader Justin Schmidt to the new role, which will be part of Goldman’s securities division.The move was seen as the first step toward Goldman Sachs’s long-rumored foray into cryptocurrencies trading and management.

“In response to client interest in various digital products, we are exploring how best to serve them in the space,” Goldman Sachs spokeswoman Tiffany Galvin-Cohen said in a statement.”At this point, we have not reached a conclusion on the scope of our digital asset offering.”

Goldman is already clearing CME and Cboe bitcoin futures for clients, and has been doing so since the derivatives products launched in December.


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