Goldman Sachs Denies Report About Its Cryptocurrency Trading Desk

Goldman Sachs Denies Report About Its Cryptocurrency Trading Desk

Cryptocurrency News
September 7, 2018 by Jane
1256
According to a report by CNBC, Goldman Sachs Chief Financial Officer (CFO) Martin Chavez said that recent reports about the company abandoning its plans to open a cryptocurrency trading desk are “fake news. However, in his denial of the reporting, Chavez then appeared to confirm that the bank, in fact, does not have any near-term plans of
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According to a report by CNBC, Goldman Sachs Chief Financial Officer (CFO) Martin Chavez said that recent reports about the company abandoning its plans to open a cryptocurrency trading desk are “fake news.

However, in his denial of the reporting, Chavez then appeared to confirm that the bank, in fact, does not have any near-term plans of setting up a trading desk to make markets in digital currencies. It’s all very confusing.

The confusion that came about was possibly due to an initial overstatement of how far the firm was down the path towards launching a crypto trading desk.

CNBC quotes Chavez saying:

“When we talked about exploring digital assets […] it was going to be an exploration that would be evolving over time. Maybe someone who was thinking about our activities here got very excited that we would be making markets as principal and physical Bitcoin, and as they got into it they realized part of the evolution but it’s not here yet.”

The CFO said that cryptos, and in particular physical Bitcoin, is still definitely something that he finds “tremendously interesting, and tremendously challenging”.

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