UNITED STATES (OBSERVATORY) – Goldman Sachs confirmed that it is ready to use its own funds to sponsor various investment contracts tied to the price of bitcoins and plans to sell them directly. This was stated by the executive director of Goldman Sachs Rana Jared: “Bitcoin is not the risk that we do not understand.”
Until recently, the bank rejected plans to create a crypto-exchange platform, but now confirmed that it will first begin offering its customers futures contracts of a certain type associated with bitcoin.
Jared recognizes the possibility of creating a trading platform for bitcoins and noticed that most of the people involved in this project are still skeptical about crypto currency.
The incentive for the decision was that Goldman Sachs saw interest in crypto currency from hedge funds and other institutional investors. After that, the board of directors voted to start the implementation of the crypto-currency project.
The bank intends to get regulatory approval to start trading bitcoin. Earlier, Goldman Sachs Group Inc. hired Justin Schmidt, a former crypto-currency trader to work in the new trading department with Bitcoin.
Schmidt, a graduate of the Massachusetts Institute of Technology, previously worked for the trading firm Seven Eight Capital LLC and WorldQuant LLC. Tiffany Bank spokesman Galvin-Cohen said that Schmidt now holds the position of vice president and managing director of the digital assets exchange at a bank branch in New York.
Goldman Sachs was the first among the largest banks in the United States to establish a trading department with Bitcoin. Goldman Sachs became one of the few financial firms who bought Bitcoin futures offered by Cboe Global Markets Inc. and CME Group Inc. The department plans to start work in late June.