US bank Goldman Sachs has launched a cryptocurrency trading team, as per a report this morning on news outlet CNBC.
Goldman Sachs just formed an entire cryptocurrency trading team under their Global Currencies divsion.
Last year, they called #bitcoin “not an asset class”
— Documenting Bitcoin (@DocumentingBTC) May 7, 2021
From no crypto to trading Bitcoin
The bank famously referred to cryptocurrencies as “not an asset class” last year in a leaked slideshow, noting down five reasons for its conclusion. However, banks being banks go where the profits are, and they are right now in the crypto space.
The surprise move came today after Goldman informed its markets personnel that a new crypto trading desk had already traded two kinds of Bitcoin-linked derivatives. The latter are financial instruments that closely track the price movements of BTC without necessarily holding spot Bitcoin.
The crypto team exists within the firm’s global currencies and emerging markets trading divisio