Goldman is planning to reignite its bitcoin trading desk

Mar 1, 2021 | The Block News | 0 comments

goldman-is-planning-to-reignite-its-bitcoin-trading-desk

Goldman Sachs is reigniting its bitcoin trading desk operation, according to people familiar with the move. 

The move, reported earlier by Reuters, comes as bitcoin’s price flirts once more with $50,000. The bank first launched a bitcoin desk — which cleared futures and traded non-deliverable forwards — in 2018. But the firm apparently shut the desk down at some point.

Goldman Sachs declined to comment. 

Now the desk is set to re-open in mid-March, according to a source. Reuters reported the desk would launch next week. 

In any case, it will not be trading bitcoin itself — at least to start.  For now, it is trading derivatives tied to the asset and exploring how it can work with a third party custody provider to offer sub-custody for bitcoin. 

Still, a source at the bank said that sustained trading above $50,000 could make bitcoin an appealing asset for a bank like Goldman to trade.

© 2021 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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