Goldman Sachs’ COO has hinted that the firm might offer more cryptocurrency trading products and services than its current offering on Bitcoin futures. This is particularly notable seeing as Goldman Sachs’ COO is rumored to replace the current CEO this December.
These comments came in an interview with Bloomberg, where Goldman Sachs’ COO, David Solomon, revealed that the Wall Street firm is currently discussing the possibility of offering further cryptocurrency trading services. Solomon argued that these internal discussions are in direct response to client demand.
This is hardly surprising, as Goldman Sachs has previously been somewhat of a cryptocurrency pioneer – at least when it comes to Wall Street firms. Goldman Sachs cleared trading of Bitcoin futures for clients this past December but has since then seemed reluctant to offer more cryptocurrency trading services.
Even though the cryptocurrency market as a whole has declined from its record-breaking high of nearly $20,000 in December, it would seem that it is now warming to the notion of offering further cryptocurrency related offerings to its customers. Solomon’s remarks from the Bloomberg interview, however, would indicate that this interest is the result of customer demand.
”We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too”, Solomon reportedly stated.
Solomon also said that Goldman Sachs needed to ”evolve its business and adapt to the environment”, in offering virtual currencies. The addition of more cryptocurrency-related services would come just a month following Goldman Sachs announcement that it would launch a dedicated Bitcoin trading desk.
Such a Bitcoin trading desk had previously been the subject of rumors and discussions for months, which the firm’s CEO, Lloyd Blankfein, vehemently denied – until the Wall Street firm apparently changed its position on the issue.
It is still unclear what services or products Solomon was referring to when he revealed that internal discussions had been taking place at Goldman Sachs. However, if reports from other Wall Street firms are anything to go by, this might very well be some form of a custodial product.
This also comes as sourced have Solomon pegged as the potential successor of Goldman Sachs’ CEO Lloyd Blankfein, who is thought to resign this coming December. Although Blankfein has refuted any such rumors, one should keep in mind that he also denied the rumors of Goldman Sachs launching a Bitcoin trading desk.
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Rasmus Pihl is a writer for Toshi Times by day and an avid follower of the blockchain industry by night. Rasmus holds a Bachelor’s Degree in Marketing from the Gothenburg School of Business, Economics, and Law and runs a Swedish marketing consulting firm. Moreover, when he isn’t writing for Toshi Times, traveling, working or changing the world in some other capacity, Rasmus is more than likely caught up in postgraduate studies.