Goldman Sachs Chief Financial Officer Martin Chavez announced yesterday on the TechCrunch Disrupt Conference in Bay area that Goldman Sachs does not have intention of abandoning intentions to launch a cryptocurrency desk. Chavez labeled contradicting reports circling most media outlets yesterday as “fake news”.
“Never imagined I would hear myself employ this term on the other hand really have to describe that news as fake news,” said Chavez.
The cryptocurrency world has been around a state of panic during 48 hours, sparked by sharp market downturns and reports that New York-based multinational investment bank, Goldman Sachs, had thought to scrap its offers to launch its cryptocurrency trading desk. However, bank CFO Martin Chavez has announced that Goldman remains deeply focused on creating foyers into your digital currency market trading.
After waving off yesterday’s FUD, Chavez described Goldman’s continued availability of developing a particular derivative for Bitcoin.
“Clients demand it,” Chavez said. “The following stage on the exploration is the thing that we call non-deliverable forwards, these are over the counter derivatives, they’re settled in U.S. dollars as well as reference it costs the bitcoin-U.S. dollar price established by a set of exchanges.”
CNBC reports that Goldman Sachs may be clearing Bitcoin-linked futures contracts provided the CBOE and CME since May as well as being providing clients with liquidity for many futures. However, there is still no clear timeline for ones bank’s future involvement while in the space.
“Once we talked about exploring digital assets it had become going to be exploration could evolving after some time,” Chavez said. “Maybe someone who was taking into consideration our activities here got very excited that him and i would be making markets as principal and physical bitcoin, design they got into it they realized element of the evolution, but it’s not here yet.”
Was the Market Crash a Byproduct of this Goldman Sachs News?
As reported yesterday by Unhashed, regardless of the panic surrounding Goldman, recent market downturns are more inclined due to a massive big sell-off driven by numerous wallets considered to be linked to Silk Road founder Ross Ulbricht. Ulbricht’s associates have reportedly moved $110 million dollars worth Bitcoin onto Bitfinex and Binance, while over 100,000 more Bitcoin remain to be on the move through unknown channels.
Business Insider reported yesterday that Goldman Sachs may just be attempting to refocus its energies towards offering cryptocurrency custodial services. The same as Coinbase Custody, this new banking branch would present a series of products made for attracting large institutional investors. A provider spokesman said yesterday, “At this time, we have not reached a conclusion in the scope one’s digital asset offering.”
“Physical bitcoin can be something tremendously interesting, and tremendously challenging,” Chavez added. “From your perspective of custody, we don’t yet see an institutional-grade custodial solution for bitcoin, we’re enthusiastic about having accessible and it’s an extensive road.”
While it is actually frustrating the fact that the timeline for enable of Goldman Sachs’ crypto-related services remains mysterious, cryptocurrency enthusiasts usually takes some solace in with the knowledge that Wall Street’s involvement in crypto is far from waning. Indeed, aided by the growing likelihood that Bitcoin ETFs will approved in the next year and reports that Nasdaq might be launching a cryptocurrency trading desk around Q2 of 2019, coin traders have a great deal to look forward to with the coming months.