Goldman Sachs will be trading Bitcoin futures to the benefit of their clients

3 May 2018

Goldman SachsReport in the New York Times unveiled the decision made by Goldman Sachs to trade Bitcoin futures using their own funds on behalf of their customers. The date for launching the new type of trading has not been established yet, but the board of directors at the banking group approved the new project. Apart from trading Bitcoin futures, Goldman Sachs will also develop its own more flexible option of a future to be known as a deliverable forward to offer to its clients.

Rana Yared, a managing director in the Principal Strategic Investments team in the Securities Division at Goldman Sachs, noted that the decision comes as a result of an increasing interest of their clients to holding Bitcoin as a new alternative asset. She said that the bank responds with willingness to meet expectations of their clients when they wish holding Bitcoin or Bitcoin futures as an alternative store of value.

Goldman Sachs has invited their first ‘digital asset’ trader Justin Schmidt for dealing with the daily operations. He was a trader for Seven Eight Capital hedge fund before resigning from the position to go into the cryptocurrency industry.

Meantime, the report further adds that any further actions, including direct handling of Bitcoin will only be taken upon approval provided by the U.S. regulators. On the other hand Yared said that officials at the banking group showed a cautious attitude to the process.

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