Goldman Sachs Will Launch a Bitcoin Trading Desk

Goldman Sachs will launch a bitcoin trading desk, the investment banking giant confirmed on Wednesday. The New York Times reports that the firm, one of the largest financial institutions in the United States, is preparing to begin using its own funds to sponsor a variety of investment contracts tied to the bitcoin price and hopes to eventually trade “physical bitcoins” directly. The bank has been rumored to have been planning to set up a cryptocurrency trading desk since last December, but executives and spokespeople claimed that those reports were false. Indeed, as recently as April 23 — when the bank hired cryptocurrency trader Justin Schmidt — the bank claimed that it had “not reached a conclusion on the scope of our digital asset offering.” However, the bank has now confirmed that it will begin offering its clients a type of futures contract called a non-deliverable forward that will be linked…

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