Goldman Sachs Operates With Cryptocurrencies

Goldman Sachs Operates With Cryptocurrencies

Rumors have been circulating the web for some time that Goldman Sachs are launching a digital currency trading desk. The bank’s CEO Lloyd Blankfein ditched those rumors. And the reason is – Goldman Sachs already has one.

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Rumors have been circulating the web for some time that Goldman Sachs are launching a digital currency trading desk. The bank’s CEO Lloyd Blankfein ditched those rumors. And the reason is – Goldman Sachs already has one.

Rumors started spreading back in October last year. They stated that the bank is opening the first cryptocurrency trading desk on Wall Street and by the end of 2017 the noise became unbearable. According to some internet gurus, Goldman Sachs had been recruiting employees for their brand new trading desk in New York.

At the World Economic Forum that took place last month in Davos, Switzerland, Blankfein shot down these statements during an interview with CNBC. He clarified that Goldman Sachs is not opening a new desk for cryptos. Blankfein added that if the broker’s clients need one the bank is ready to satisfy their demand but at current time, there were no such plans.

Now, what was not mentioned in this interview was the fact that Goldman Sachs indeed has an operating cryptocurrency trading desk since 2015. But there is a catch. The bank is not a majority stakeholder in the venture but yet again, it was the main investor during the Circle’s funding round in 2015.

During the infamous funding round, $50 million were raised.

The fintech startup owns both the Circle Pay service and Circle Trade. Circle Trade provides liquidity for online crypto markets and focuses on orders higher than $250.000. The official website of Circle claims the fintech trades with $2 billion every single month.

Nevertheless, the news doesn’t stop here. Circle is set to launch a new service in March, called Circle Invest. It will give retail investors access to commission-free crypto trade. At the same time Lloyd Blankfein was caught saying that cryptocurrencies are ‘’a vehicle to perpetrate fraud”.

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