Goldman Sachs announces a new crypto trading team in an internal memo
Goldman Sachshas informed employees of a new cryptocurrency trading desk, the bank confirmed.
- It is the first time the US bank has formally acknowledged involvement in crypto-trading.
cryptoteam will report to Goldman partner, Rajesh Venkataramani.
Goldman Sachs formally announced the launch of its newly-formed cryptocurrency trading desk to
It plans to broaden its market presence by "selectively onboarding" crypto trading institutions to expand offerings, according to the memo.CEO David Solomon said last month he expects a "big evolution" in the way bitcoin and other cryptocurrencies are regulated in the United States. "I'm not going to speculate on where the rules will go for regulated financial institutions, but we're going to continue to find ways to serve our clients as we move forward," he told CNBC in an interview.
A copy of the internal memo obtained by Insider is seen below:
May 6, 2021
Formation of Cryptocurrency Trading Team
I am pleased to announce the formation of the firm's cryptocurrency trading team, which will be our centralized desk for managing cryptocurrency risk for our clients. The Crypto trading team will be a part of Global Currencies and Emerging Markets (GCEM), reporting to me, within the firm's Digital Assets effort led by Mathew McDermott.
As a part of our initial launch, we have successfully executed Bitcoin (BTC) NDFs and CME BTC future trades on a principal basis, all cash settling. Looking ahead, as we continue to broaden our market presence, albeit in a measured way, we are selectively onboarding new liquidity providers to help us in expanding our offering.
In addition, yesterday we launched our Digital Assets dashboard which provides daily and intraday cryptocurrency market data and news to our clients. We invite you to highlight the dashboard to your clients. For more information on trade approval and onboarding, contact the Digital Assets team.
Please note, the firm is not in a position to trade Bitcoin or any Crypto Currency (inc. Ethereum) on a physical basis.
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