Goldman Sachs Group Inc., a leading global investment banking, securities, and investment management firm, is ditching its short-term plan to open Bitcoin trading platform.
The bank aims to become the first large wall street firm to create his footprints in cryptocurrency markets. Therefore, the bank decided to create a crypto-focused unit.
Due to an unclear regulatory environment in the cryptocurrency trading platforms made Goldman Sachs lower the importance of this project. In order to trade digital assets, a regulated bank might take many steps as required.
Goldman Sachs will not dismiss cryptocurrency trading platforms completely. Now, the bank is almost ready to focus on a custody product for crypto that will be helpful to hold cryptocurrency and to track its price on behalf of large clients.
Goldman Sachs spokesperson Michael DuVally said, “At this point, we have not reached a conclusion on the scope of our digital asset offering.”
Top officials of Goldman Sachs were doubtful about digital assets. Lloyd Blankfein, CEO of Goldman Sachs, said that Bitcoin trading was not for him. Furthermore, he elucidated that he is open to considering it, if the cryptocurrency becomes more established, according to a report by Cointelegraph.
Rana Yared, an executive of Goldman Sachs, said in May that the bank “had concluded Bitcoin is not a fraud” as the company officially revealed its plans to buy and sell cryptocurrencies.
Many regulators around the world have been concerning about initial coin offerings (ICOs) and cryptocurrency exchanges. It is stated last year that the Securities and Exchange Commission of the United States warned some coins which are issued in Initial Coin Offering (ICOs) in order to comply cryptocurrency trading with federal securities law, according to a report by Reuters.
In the latest Bitcoin trading news, the digital currency can be used to move money across worldwide quickly, without the involvement of a central authority including bank and government. A fund holding the virtual currency could bring more investors and push cryptocurrency price a high point.
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