Goldman Sachs Abandoning Crypto Trading Desk is Fake

Goldman Sachs Abandoning Crypto Trading Desk is Fake

Two days later, at San Francisco’s TechCrunch Disrupt Conference, Martin Chavez, Chief Financial Officer from Goldman Sachs, clarified that statement about the bank’s cryptocurrency trading desk plan abandonment as untrue

In September 5, news about Goldman Sachs backing out of their plans for a cryptocurrency trading desk has hit the Internet. It is said to be one of the reasons why the market has abruptly fallen in a span of just a few hours. But today, two days later, this news is labeled as false.

At San Francisco’s TechCrunch Disrupt Conference, Martin Chavez, Chief Financial Officer from Goldman Sachs, clarified that statement about the bank’s cryptocurrency trading desk plan abandonment as untrue:

He explains the bank has not given a timeline on when this desk will happen. He speaks about probing digital assets but its development will happen gradually.

A cryptocurrency trading desk is similar to the traditional trading desk found in trading floors. The transactions of buying and selling securities and other investment products happen on a financial firm’s trading desks. Individuals working on the desks are licensed traders. They the ones who interact with buyers and sellers. Each of them is specialized on a particular form of investment.

The banking giant is already testing the waters of cryptocurrency. It is said to be providing liquidity for CBOE and CME’s Bitcoin futures.

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