Goldman Sachs, a giant investment bank will use its own money to trade bitcoin futures for its clients. This statement was reported by the New York Times, on Wednesday 2nd May.
The report added that the bank does not have a set date as to when this trading platform will be launched. Although many banks are shifting away from cryptocurrencies, Goldman Sachs board of directors were on board on this idea. The newspaper reported that the bank is expecting to set to “create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients,”.
Rana Yared, a Goldman Sachs executive, stated that the bank’s decision was reached when they received numerous requests from their clients. Furthermore, the bank realised that the bitcoin futures are also gaining popularity among their clients.
In an interview with the New York Times, Ms Yared said: “I want to hold bitcoin or bitcoin futures because I think it is an alternate store of value.”
What is expected from Goldman Sachs?
As in every new project, a company needs to get the best workforce to assist them in their service provided. In fact, Goldman Sachs has employed Justin Schmidt, who will be working as a “digital asset” trader, handling the bank’s daily operations.
Although it is expected that the U.S will regulate Bitcoins, on behalf of Goldman Sachs, Rana Yared stated that Goldman Sachs officials took all necessary precautions throughout the process.
She added: “For almost every person involved, there has been personal scepticism brought to the table.” Moreover, “It is not a new risk that we don’t understand. It is just a heightened risk that we need to be extra aware of here.”
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