Goldman Sachs will open commercial operations with Bitcoin in the near future

Investment banking giant Goldman Sachs is about to start using its own money to trade with clients in a variety of contracts tied to the Bitcoin price, the New York Times reported.

Most major banks have tried to stay away from Bitcoin, the virtual currency "tainted by scandal." But Goldman Sachs is dodging the risks and moving forward with plans to establish what appears to be Bitcoin's first trading operation in a Wall Street bank.

Although Goldman will not buy and sell even bitcoins, a team at the bank is considering that possibility if it can obtain approval from regulatory authorities and find out how to deal with the additional risks associated with the possession of the virtual currency.

The New York Times reported yesterday that while the exact launch date of the new commercial operation is not yet established, the decision comes after the bank's board of directors signed the initiative. Goldman is also preparing to "create its own, more flexible, version of a future, known as a 'non-transferable term,' which it will offer to customers," according to the report.

Goldman's executive, Rana Yared, said the decision was the result of a growing number of customer inquiries that indicated interest in keeping Bitcoin as an alternative asset.

"It resonates for us when a customer says, 'I want to have Bitcoin, or Bitcoin futures, because I think it's an alternative reserve of value,'" Yared told The New York Times.

The investment bank has hired its first operator of "digital assets", Justin Schmidt, to manage the daily operation. Schmidt previously worked as an operator in the Seven Eight Capital hedge fund, before leaving the position last year to deal with cryptocurrencies.

The news reflects Goldman's growing involvement in the cryptographic market, since CEO Lloyd Blankfein recently announced that the investment bank was liquidating Bitcoin futures for its clients. According to The New York Times, any further action, including the direct management of Bitcoin, will only be carried out after the approval of US regulations.

Additionally, according to Yared, Goldman officials have had a prudent approach throughout the process:

"I would not describe myself as a true believer who will wake up thinking that Bitcoin will take over the world [...] For almost everyone involved, there has been a personal skepticism on the table," said Yared, quoted by the newspaper, adding :

"It's not a new risk that we do not understand, it's just a greater risk than we have to be more aware of here."