Goldman Sachs Group Inc. is delaying the cryptocurrency trading desk opening.
The plans to open a crypto-trading desk were disclosed in June this year, even there was a focus made that Goldman Sachs is going to become the first Wall Street company that is going to deal with cryptocurrencies.
However, now, the plans have changed. The bank isn’t giving so much priority to this project now, the main reason is that the cryptocurrency market is still unclear. It might take many efforts before a completely regulated bank is able to handle with cryptocurrency.
The main reason is that most of the coins are out of the control of the banking giant, that’s why, trading them isn’t as reasonable as it seemed at first.
However it doesn’t mean that the bank is rejecting this option. The bank is about to launch a custody product in this field, and this project is intended to allow it to hold cryptocurrencies on behalf of its largest clients and to track their price movement.