Goldman Sachs Officially Builds Cryptocurrency Trading Team

Fazzaco learned that New York-based investment bank Goldman Sachs has officially set up a cryptocurrency trading team.

According to the memo written by Goldman partner Rajesh Venkataramani, the crypto trading team will be a part of Global Currencies and Emerging Markets led by Mathew McDermott.

The executive elaborated in the memo, "As part of our initial launch, we have successfully executed bitcoin (BTC) NDFs [non-deliverable forwards] and CME BTC future trades on a principal basis, all-cash settling. Looking ahead, as we continue to broaden our market presence, albeit in a measured way, we are selectively onboarding new liquidity providers to help us in expanding our offering."

"In addition, yesterday we launched our Digital Assets dashboard which provides daily and intraday cryptocurrency market data and news to our clients," he continued. "We invite you to highlight the dashboard to your clients."

Besides Goldman Sachs, Morgan Stanley is already offering some bitcoin investments to wealthy clients. Citigroup is reportedly considering offering some crypto services​. Meanwhile, hundreds of smaller banks are said to have signed up to offer clients the ability to buy, sell, and hold bitcoin using their existing bank accounts.