Exchange Craze - Goldman Sachs Invests in Crypto Exchange an More
Goldman Sachs Jumps on the Exchange Train
It's the new Wall St trend to open a cyptocurrency exchange, with such figures in the industry like Nasdaq developing their own exchange, and Bank of America acquiring over 100 blockchain patents. Goldman Sachs was one institution that made headlines not too long ago regarding their statements about the potentiality of creating their own cryptocurrency exchange for Bitcoin and in time other crypto's. The investment bank has however decided to invest for a stake in a cryptocurrency trading desk instead of create their own platform for it.
The Principal Investment Strategy Group made the investment of $50 million back in 2015 in the tech company Circle, interestingly at a point where their CEO and other peers on Wall St. were negative on Bitcoin and blockchain. Goldman Sachs is estimated to have made the stake of ownership when Bitcoin was worth $225, meaning they are up 4400% on their investment. Circle Internet Financial is primarily a fiat financial services provider, and also a liquidity pool for cryptocurrency with their app CircleTrade and will now co operate with Sachs to develop their new trading platform.
Circle will now be receiving an upgrade in services as it plans to launch it's CircleInvest platform for 2018 with Goldman Sachs, a cryptocurrency exchange platform specializing in Bitcoin trading. It will allow users to easily trade cryptocurrencies inexpensively and expose the market to millions of customers. Goldman Sachs have in a written report referring to digital currencies as "real money", and that they are intrigued of the benefits of how they can be used to better develop economies.
Another Exchange App Gains Over $1billion
Popular Trading application Square opens BTC long and short trading options on their exchange for their impressive three million users. Customers are allowed up to $10,000 limit a week for purchases of Bitcoin, with zero limit on sell orders - maybe they know there's nothing to lose in time to come? Because they use a Proof of Sale network people can exchange crypto's at a zero fee expense peer to peer, and will make cryptocurrency usable for everyday enthusiasts/investors. Upon announcing the new option on their platform their market cap exceeded the $1 billion mark, reflecting a very positive sentiment among the crypto community and investors regarding this new market space.
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