Goldman Sachs enters the crypto market, signaling another huge Bitcoin bull run. Are you ready for it?
Goldman Sachs, one of the most well-known names in the global investment industry, has entered the crypto-verse again. They have announced the relaunch of their cryptocurrency trading desk after three long years.
As per the report published by Coindesk, Goldman Sachs will again support bitcoin futures. Coindesk has reported that Goldman Sachs will start supporting bitcoin futures as soon as next week. This contradicts the report published by Reuters saying that the bitcoin futures service of Goldman Sachs will resume in mid-March.
An eye on Bitcoin Exchange-traded Fund
The bitcoin futures service of Goldman Sachs will be a part of the U.S. Global Markets division. Reuter reported that this desk will act as Goldman Sachs’ broader push into staging a Bitcoin ETF.
Goldman Sachs’ involvement in the crypto world is not new. Back in 2017, the iconic investment bank had planned to launch a crypto desk. But they did not act on these plans as regulatory concerns turned out to a major roadblock. Thus, they shelved their crypto desk plans in 2018.
Goldman Sachs Crypto Custody is on the Cards?
The bank had originally planned to launch a crypto desk in 2017 but shelved those plans in 2018 due to regulatory concerns. We may even see Goldman Sachs offering custody solutions if we go by Coindesk’s report in January.
Goldman Sachs’ entry into the crypto world is followed by BNY Mellon’s announcement of launching a crypto custody service last month. The involvement of banks like Goldman Sachs and BNY Mellon will act as a catalyst for further growth and adoption of Bitcoin and other leading cryptocurrencies. It would be interesting to see how the involvement of global banks like Goldman Sachs shapes the future of Bitcoin and the crypto industry as a whole.
Do you think Goldman Sachs’ entry into the crypto world will lead to the entry of more investment banks in the crypto space? Let us know below in the comments.