[2017-12-21]Goldman Is Setting Up a Cryptocurrency Trading Desk

[vit05]

https://www.bloomberg.com/news/articles/2017-12-21/goldman-is-said-to-be-building-a-cryptocurrency-trading-desk


At least one of Wall Street’s biggest firms is growing more comfortable with cryptocurrencies.

Goldman Sachs Group Inc. is setting up a trading desk to make markets in digital currencies such as bitcoin, according to people with knowledge of the strategy. The bank aims to get the business running by the end of June, if not earlier, two of the people said. Another said it’s still trying to work out security issues as well as how it would hold, or custody, the assets.

The move positions Goldman Sachs to become the first large Wall Street firm to make markets in cryptocurrencies, whose wild price swings and surging values have captured the public’s imagination but given pause to established institutions. Already, the bank is among just a few mainstream firms clearing a new breed of bitcoin futures offered by Cboe Global Markets Inc. and CME Group Inc. Citigroup Inc. and Bank of America Corp., for example, have been taking a wait-and-see approach.

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[uslfd]

Wondering what criteria they would look for when hiring someone 

[BitHodler]

I have seen articles where Goldman Sachs was thinking of creating its own crypto related trading platform a month or two ago. It's good to see that they have put weight behind their words, because this will contribute towards even more growth eventually.

All this is happening because this market is seeing more regulations kicking in. The further governments regulate this market, the more willing institutions be to jump into everything that's crypto related.

Without regulations all these things aren't possible, because institutions are tied to very strict rules. Instead of people looking at regulations as being a bad thing, they should see how much growth it contributes to.

[iamTom123]

I have seen articles where Goldman Sachs was thinking of creating its own crypto related trading platform a month or two ago. It's good to see that they have put weight behind their words, because this will contribute towards even more growth eventually. All this is happening because this market is seeing more regulations kicking in. The further governments regulate this market, the more willing institutions be to jump into everything that's crypto related. Without regulations all these things aren't possible, because institutions are tied to very strict rules. Instead of people looking at regulations as being a bad thing, they should see how much growth it contributes to.

These and more are the benefits we can get because of the regulations from the government. With cryptocurrency, we have no choice but to work with the authorities as we can not create our own country and get away from the government. We still have to follow the law and cryptocurrency can not change that reality. This is a lot better -- much, much much better -- than what the Chinese government did months ago. I have no problem with regulations in fact we should welcome them to make all transactions with Bitcoin truly legal and acceptable by all parties including that of the government. We also have to pay our taxes according to the existing laws of the land otherwise there would be anarchy which is can be the last we need.

[HollywoodCoins]

There is nothing surprising in that banks and exchanges working with Fiat begin to operate gradually with a crypto currency. This is a logical development of events. Of course, in this case, all operations will be taxed by a bunch of rules and standards, but nevertheless, progress will still be.
The slow and difficult process of coming to the use of blockchain will eventually lead to the expansion of the crypta into the masses.
Very soon such news as the adoption of Bitcoin by the next exchanges or  bank will become common not only among the population of the major developed countries, but also all over the world. You just have to wait a little)))