Just-In: Goldman Sachs Announces A New Cryptocurrency Team

Goldman Sachs, the global investment banking giant has revealed the formation of a new crypto dedicated team in their latest employee memo. The crypto team exists within the firm’s global currencies and emerging markets trading division. The employee memo issued on Thursday marks the first official acknowledgment of the giant about their dedicated crypto-focused division. The official memo read,

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.

The newly created cryptocurrency desk has traded two Bitcoin-linked derivatives until now as the announcement comes on the heels of a new Bitcoin product launch by the banking giant for its wealthy clients. The two derivative products include Bitcoin NDFS and CME Bitcoin Futures.

Goldman Sachs Dip Their Toes in Digital Assets After Months of Speculation

This year many baking giants and former Wall Street critics of Bitcoin have come around to join the crypto revolution and started offering direct or indirect exposure to the top cryptocurrency. Goldman Sachs is no different as it declared Bitcoin as a highly speculative asset to qualify as an asset class last year, only to put it at the top of best-performing assets this year.

Goldman Sachs had earlier announced that they would be offering Bitcoin-based investment vehicles for their wealthy clients and now has become among the very few institutions to formally acknowledge the creation 0f a crypto division in their organization. Apart from Goldman Sachs, JP Morgan and Morgan Stanley have also added Bitcoin exposure for their institutional clients despite keeping a safe distance until late last year.