Goldman Sachs Said to Have Sidelined Plans for Crypto Trading Desk
Investment bank Goldman Sachs has reportedly dropped plans to launch a cryptocurrency trading desk, for now at least. A Business Insider report on Wednesday, citing "people familiar with the matter," said the decision has been made as the regulatory situation in the U.S. is still a gray area when it comes to cryptocurrencies.
However, per the sources, the banking giant hasn't abandoned the idea completely, but is rather pushing the possibility lower down on its priorities list and could still move to open the desk at a later date. Further, Goldman Sachs' plan to start offering a cryptocurrency custody service is apparently still on the table, with Business Insider citing the need for "reputable custody offerings" to bolster confidence around involvement in cryptocurrency at Wall Street firms.
Bank was first revealed to have an interest in a crypto trading venture back in October 2017, though it was said to be in the very early stages of exploring the idea.
So far, though, little has been said publicly by the bank on these potential moves into the crypto space.
In fact, the bank has previously been somewhat skeptical about cryptos, warning investors in January that they were "in a bubble."#Goldman Sachs, #cryptocurrency