David Solomon, COO of Goldman Sachs, has confirmed that investment bank is working to provide users cryptocurrency trade options other than the cryptocurrency futures. This is very interesting as the bank recently launched crypto trading desk and is looking serious to meet crypto user demands.
Goldman Sachs to add trade options to accommodate client requests
As Mr Solomon says a lot of clients of Goldman Sachs are exploring investment options in cryptocurrencies and requesting the investment bank for help. To meet its clients demands, the investment bank is exploring what all it can offer but with caution. He agrees that it is necessary for the traditional business to evolve to the changing environment. To quote Mr Solomon from an interview he gave to Bloomberg Tv in China
“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously,”
“We’re listening to our clients and trying to help our clients as they’re exploring those things too.”
Goldman Sachs very recently became the first Wall Street bank to set up first bitcoin trading desk and this statement from the COO definitely signals the bank’s interest in exploring the nascent technology and investment piece.
Wall Street Finance firms divided on cryptocurrencies
The CEO’s of the largest Investment Banks and Financial Firms based on Wall Street, who are also known as the “Masters of Universe”, have been having divergent views on the cryptocurrencies. Some have embraced it with grace while others have turned their backs to it.
While institutions like Goldman Sachs and UK’s top bank Barclays have shown positive inclination, some of the eminent voices such as Warren Buffett and Jamie Dimon – CEO of JP Morgan Chase have cautioned risk terming this as a fad or scam.
But as the cryptocurrencies move to Main Street, a lot of clients of these investment banks have started demanding products and services which are built in and around it. If this continues and cryptocurrencies show signs of strength very soon, there would be most firms will be compelled to start services supporting cryptocurrencies.
Will other firms follow Goldman Sachs footsteps and bring cryptocurrency to Wall Street? Do let us know your views on the same.