Global investment bank Goldman Sachs has entered cryptocurrency trading with a team dedicated to managing digital assets, CNBC reported.
- In an internal memo, Goldman Sachs announced the formation of a cryptocurrency team that will be part of the Global Currencies and Emerging Markets (CGEM).
- The team will report to Goldman Partner Rajesh Venkataramani who authored the memo. It will also be within the firm’s Digital Assets effort led by Mathew McDermott.
- According to Venkataramani, the bank has already successfully executed trades involving Bitcoin non-deliverable forwards and CME BTC futures.
- The trades were settled in cash on a principal basis, as Venkatarmani noted the bank is not in a position to trade any cryptocurrency on a physical basis.
- Goldman Sachs will “selectively onboard” new liquidity providers as it seeks to expand its offering.
- The lender this week also launched its Digital Assets dashboard which clients access to data and news on intraday cryptocurrency markets.
GS:NYSE is up 0.23%.