Goldman Sachs (NYSE:GS) is finally getting into the crypto business with the formation of a cryptocurrency trading team.
Here’s everything investors need to know about GS’s crypto efforts.
- News of Goldman Sachs creating a crypto trading team comes from an internal memo obtained by CNBC.
- This memo mentions that the team has already traded two Bitcoin (CCC:BTC-USD) derivatives.
- This trading team is part of the company’s Global Currencies and Emerging Markets division.
- This has it under the investment banks Digital Assets firm managed by Mathew McDermott.
- Adding to that, the team reports directly to Goldman Sachs partner Rajesh Venkataramani.
- The company also notes that it is bringing in new liquidity providers to expand its offerings.
- However, it notes that it’s being very selective about this process.
- GS also reported the launch of its Digital Assets dashboard.
- This provides its clients with daily and intraday market data and news covering cryptocurrency.
- Another report claims that Goldman Sachs started offering the crypto derivatives to clients last month.
- GS protects itself from bitcoin volatility by purchasing the derivatives via block trades through CME Group with Cumberland DRW as its partner.
- It’s worth pointing out that Goldman Sachs entering the crypto market has been a long time coming.
- The company was previously working on plans to enter the space in 2018.
- There was also talk that it was considering offerings in the space as early as 2017.
- Other banks are also considering crypto.
- That includes Goldman Sachs rival Morgan Stanley (NYSE:MS).
- Now thatthe company’s crypto plans are public, that might speed along MS’s own efforts.
GS stock was up close to 1% as of Friday afternoon and is up 39.6% since the start of the year.
There’s plenty of other crypto news that investors should be aware of today.
That includes headlines from major players in the space. Among them are Moonshot (CC:MOONSHOT-USD), Dogecoin (CCC:DOGE-USD), and Bitfarms (OTCMKTS:BFARF). Investors can learn more about these news topics at the links below.
More Crypto News
- Moonshot Crypto: 11 Things to Know About the New Token Driving Social Media Chatter
- Dogecoin Price Predictions: Why Mark Cuban Thinks DOGE Will Hit $1 — And Stay There
- BFARF Stock: The Huge News That Has Bitfarms Rocketing Higher Today
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.