Goldman Sachs pulls back on bitcoin trade plans: report

Some financial institutions are pulling back from plans to get into bitcoin trading amid a sharp decline in value
Some financial institutions are pulling back from plans to get into bitcoin trading amid a sharp decline in value

International banking giant Goldman Sachs has pulled back from immediate plans to open a bitcoin trading desk, according to US media report Wednesday that sent bitcoin prices lower.

Faced with regulatory uncertainty over bitcoin, Goldman has suspended for now plans for the exchange in favor of other digital currency efforts, Business Insider reported, citing unnamed sources.

A Goldman Sachs spokesman did not directly comment on the report.

"In response to client interest in various digital products, we are exploring how best to serve them in the space," the spokesman said. "At this point, we have not reached a conclusion on the scope of our digital asset offering."

Near 1400 GMT, the cryptocurrency was trading at around $7,000, down about five percent from Tuesday's level.

Goldman Sachs has taken some steps in cryptocurrencies, including recruiting Justin Schmidt from hedge fund Seven Eight Capital. Schmidt has begun to prepare the bank for transactions involving bitcoin in case of a green light from regulators.

But some large financial firms have pulled back on digital money projects as prices have plunged this year.


Explore further

NYSE joins forces with Starbucks on bitcoin platform

© 2018 AFP

Citation: Goldman Sachs pulls back on bitcoin trade plans: report (2018, September 5) retrieved 23 May 2019 from https://phys.org/news/2018-09-goldman-sachs-bitcoin.html
This document is subject to copyright. Apart from any fair dealing for the purpose of private study or research, no part may be reproduced without the written permission. The content is provided for information purposes only.
11 shares

Feedback to editors

User comments

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more