Goldman Sachs Denies the Rumors About Postponing Crypto Platform Launch

Goldman Sachs Denies the Rumors About Postponing Crypto Platform Launch

Goldman Sachs Denies the Rumors About Postponing Crypto Platform Launch

As expected, the crypto market underwent a temporary volatility with Bitcoin losing over $400 in a matter of minute as soon as Goldman Sachs had announced their new crypto trading products.

"I really have to describe that news as fake news", Chavez said on stage when asked about the claims Thursday at TechCrunch Disrupt.

"... we've got a commodities business". He pointed out how the firm is interested in the idea of it existing, but admitted that "it's a long road". "But if you compare the volume with other majors commodities, it is only then you can see the difference. hence, for me it is more important to keep an eye on this part of the equation", he said.

Chavez says the bank is working on a bitcoin derivative known as a "non-deliverable forward", because of demand from clients which the bank feels the need to satisfy.

There has been interest in the market from institutions but the price swings and surging values have deterred a lot of them from investing. This type of trading does not make an actual delivery of the physical oil.

Kang Soeng-ju who is the president of Korea Post has already mentioned to Bloomberg in an interview that he discussed with the incoming chief executive of Goldman Sachs (David Solomon) in a meeting in NY set to help Korea Post study digital assets artificial intelligence and Blockchain.

Secondly, the bank's focus on bitcoin futures and derivatives reveals a long-term approach to trading.

This would be an over-the-counter future settled in dollars with the reference point bitcoin versus the U.S. currency on a number of exchanges. A sharp drop of the BTC in the community was also attributed to the possible speculation of Goldman Sachs themselves, as they supposed.

"Physical bitcoin is something tremendously interesting, and tremendously challenging", he added. Deprioritizing due to regulatory uncertainty became the odd news; however, related facts that were discussed like from the perspective of custody and in terms of institutional grade custodial solution for bitcoin were all forgotten.

The discussion over cryptocurrencies ended with Martin saying that he owns 5 Bitcoin [BTC] s. The trend was not a good sign because starting Wednesday morning the price of bitcoin along was sinking and sinking down reaching the year's low over again. They also noted that the regulated industry viewpoint on crypto had changed from "an initial skepticism toward cautious potential".

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