Goldman Sachs will continue working on cryptocurrency trading desk as well Bitcoin derivate products and clearing physical futures contracts.
The launch of crypto-custody service by Goldman Sachs will help to instill more confidence among investors and may even drive big players to participate in the cryptocurrency market.
Goldman Sachs is appointing a new CEO David Solomon, who will replace the incumbent chief executive Lloyd Blankfein in October. With the new CEO, the bank is expected to add more bitcoin and other crypto services to its portfolio.
Goldman Sachs takes the next leap in the crypto space by allowing its clients hold Bitcoin and its derivative products.
Goldman Sachs will be the first Wall Street giant to get involved with the cryptocurrency-related trading activity.
Goldman Sachs’ technical analysts Sheba Jafari and Jack Abramowitz believe Bitcoin could reach at least $7,941, according to the message sent to the company’s clients on Monday.
The most popular cryptocurrency is booming exponentially after its technical infrastructure and application frame (particularly in blockchain applications) have been recognized across a wide range of industries and global organizations, despite different attitudes toward Bitcoin and its applications, and strict restrictions of the cryptocurrency trading in some countries.
The news about Goldman Sachs CEO Lloyd Blankfein consideration on bitcoin was announced a day after Goldman’s statement about readness to create bitcoin trade services.
Industry top analysts express their optimism regarding bitcoin’s short-term price trend, saying its price may reach $6,000 by the end of the year.
Goldman Sachs has published answers to FAQs about cryptocurrencies as it’s getting harder for institutional investors to ignore their rise.