From Bitcoin to Blockchain Investment
From Bitcoin to blockchain investment Goldman Sachs’s engineering team is fully focused on how blockchain can be used in the banking sector. From asset management and global markets to ESG and Financial trading.
With the rise of Bitcoin and many other cryptocurrencies are taking place, investment banks are getting into action. For Goldman Sachs, it is like returning to a project that was almost ready but abundant two years back.
The Wallstreet lender is relaunching its cryptocurrency trading desk by this month. It was first set up in 2018 that will initially deal with CME bitcoin futures and non-deliverable forwards for the bank’s institutional clients. Its second debut came in as bitcoin broke $60,000 for the first time on 14th March, though later it went down as volatility set in.
Goldman considers further buy, selling, and holding bitcoin as his digital team is working on projects in enterprise blockchain, digital transaction, digital wallets, and stable coins as well. In the recent phone interview, Mc Dormett (head of asset management) told Fintech Files that the bank is paying close attention to Facebook Diem (formerly Facebook libra) and ramification for Goldman’s business.
What’s ahead from Blockchain
On blockchain to stand out, Goldman is determined to be different from its peers unlike rival JP Morgan, which has been busy making their own JPM coin and interbank blockchain system network Link.