Acquiescing to its clients’ demands, Goldman Sachs reasserted its interest in joining the cryptocurrency bandwagon, during its last earnings call.
GOLDMAN SACHS CLIENTS WANT BITCOIN-BASED SERVICESClients have been requesting the multi-national finance giant Goldman Sachs to participate in the cryptocurrency trading industry. Marketwatch reports that on the earnings call of December 17, 2018, Chief Financial Officer R. Martin Chavez underscored that the most exciting facet of the current craze is blockchain technology:
"And so on the back of our clients asking us, will you offer clearing in these contracts, well, we’re in that business of client facilitation."
Chavez also added:
"And so we want to respond to those client requests, and we have. And we’re in also the business of being careful with our shareholders’ capital, and so we’re doing that with extreme prudence and caution as we learn."
Chavez also referred to the possibility of Goldman Sachs trading individual cryptocurrencies. In this regard, he acknowledged that Goldman Sachs was considering several issues that would have to be addressed first:
"Being a part of the industry, we’re working on all of that. Custody is a part of it. And it’s a very complex one. So it’s really too early to say how that will evolve for the industry or for ourselves."
Thus, Chavez’s statements seem to confirm earlier reports that Goldman Sachs was already assembling a team to set up a cryptocurrency trading desk. And, according to Bloomberg sources, the cryptocurrency trading desk would be in operation by the end of June 2018.
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