After a three-year break, Goldman Sachs starts trading cryptocurrencies again. Is this the start of a major crypto offensive?
The American investment bank Goldman Sachs is placing a stronger focus on digital asset classes and, as part of this, has relaunched the trading division for cryptocurrencies, which is scheduled to start in mid-March.
This was previously shut down for three years
Goldman Sachs would like to position itself broadly in the crypto industry and would like to integrate a deposit offer in addition to other services in the coming months. With this venture, Goldman Sachs follows the competing bank BNY Mellon , which announced last February that it would start a custody service for digital assets.
It is known from a report by Reuters that the investment bank wants to support trading in Bitcoin futures. Goldman Sachs also wants to issue an exchange-traded Bitcoin Profit fund.
Goldman Sachs adapted – is Bitcoin now mainstream?
Goldman set up a cryptocurrency division for the first time in 2018. At this point, Bitcoin price was plummeting from its record highs. As a result, the interest of investors and investment banks dampened.
Since then, however, the infrastructure of Bitcoin and Altcoins has matured and many established institutions now offer products and services. Last month, the electric car maker Tesla announced that it had bought Bitcoin worth $ 1.5 billion . These developments have helped draw the mainstream into the sector. Since then, there has been a wide range of services for private and institutional investors, including companies that keep Bitcoin on their balance sheets.