Goldman Sachs to establish digital currency trading desk: report

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Goldman Sachs is reportedly creating a trading desk to make markets in digital currencies such as bitcoin, Bloomberg reported on Thursday.

The bank plans to have the desk established by the end of June, sources told the news organization.

Goldman Sachs’s trading desk will make it the first large firm on Wall Street to create markets for such cryptocurrencies.

“In response to client interest in digital currencies, we are exploring how best to serve them,” company spokesman Michael DuVally said in a statement.


The company’s reported decision comes amid heightened public interest in bitcoin and other digital currencies, whose values have exploded over the past several months. Despite the interest, many major financial institutions have been hesitant to deal with digital currencies and important Wall Street players, including JPMorgan CEO Jamie Dimon, have derided bitcoin as a “fraud.”

Goldman Sachs’s CEO Lloyd Blankfein has been more measured in his public remarks on bitcoin.

“Still thinking about #Bitcoin. No conclusion – not endorsing/rejecting. Know that folks also were skeptical when paper money displaced gold,” he tweeted in October.

His firm’s decision on Thursday suggests that Blankfein is closer to making up his mind.


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