Goldman Sachs Considering Cryptocurrency Trading
According to sources Goldman Sachs is mulling entry into a new world Cryptocurrency trading. According to WSJ the preparations are in early stage. If plans do materialize Goldman Sachs will become the first blue-chip Wall Street firm to deal directly in this controversial market.
Although the bank has not fully committed to the plan, a Goldman spokeswoman told the WSJ that their clients have expressed interest in cryptocurrencies, and they are actively looking for ways to meet that demand.
“In response to client interest in digital currencies we are exploring how best to serve them in this space,” she said.
Goldman Sachs can benefit from the inherent volatility present within the cryptocurrency markets, because traditional markets have been less volatile lately. Goldman revenues from their trading operations are sluggish. Though the dramatic price swings within the crypto markets intimidate many investors, professional traders view this volatility as an opportunity to reap significant gains.
Earlier Goldman Sachs said, "“real dollars are at work” within the cryptocurrency industry. Those who refuse to admit this may soon find themselves left behind.