Published: Sun, September 09, 2018
Money | By Ralph Mccoy

Goldman CFO Denies Reports That Firm Is Ditching Crypto Trading Desk

Goldman CFO Denies Reports That Firm Is Ditching Crypto Trading Desk

News related to institutional traders tends to have some impact on bitcoin's price - indicating that there is an appetite for institutional involvement in the cryptocurrency world. A crypto trading desk has simply moved down the priority list while they look at better ways to work with bitcoin. But it has never been clear what the Wall Street giant was planning.

Chief Financial Officer Martin Chavez was speaking at the TechCrunch Disrupt Conference, which took place this week in San Francisco. They justify their interrogation on this matter that this is just a temporary spillover effect because Bitcoin was being traded already in major exchanges.

The US Securities and Exchange Commission (SEC) has warned some coins issued in initial coin offerings might be regarded as securities.

The Business Insider report suggested that Goldman was working on building a custody solution to target institutional investors. The announcements came about on September 5th where it was revealed that the National Postal Service Korea Post (also known as Korea Post) will be learning more about virtual currencies from Goldman Sachs Group Inc.

The firm has planned to allow clients to trade bitcoin as a non-deliverable forward, where there is no physical exchange of the underlying asset but an exchange of the currency it is quoted in - likely United States dollars - on the settlement date of the forward.

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In other words, when it was reported that Goldman Sachs was "exploring" the idea of launching crypto products, it meant exactly that: Goldman Sachs was exploring the idea of launching a crypto product but they weren't ready to release that product anytime soon. It is important to note that the announcement made by Goldman Sachs did induce temporary volatility in the cryptocurrency market with popular Bitcoin in particular quickly losing more than 400 USD dollars in minutes. They are developing OTC derivatives for Bitcoin.

Goldman Sachs was also the first bank to clear CBOE and CME Bitcoin futures, launched a year ago in December 2017.

On the other hand, Chavez has commented that, "physical Bitcoin is something tremendously interesting and tremendously challenging" which is why his firm is working on a derivative for BTC because "clients want it".

Chavez also went on to say that the bank has no intention to proceed with physical Bitcoin trading at this point in time, claiming that a more reliable custody solution was needed before they would consider the option. He said that his friend whom he met a few years back sent him the Bitcoin.

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