Earlier this week, a report suggested that Goldman Sachs was withdrawing from his plans to open a cryptocurrency trading desk, as it was rumored that he intended to do this summer. The news triggered a bloodbath in the Bitcoin market and other virtual currencies, as it marked a weakening of the institutional support for cryptocurrencies in an early and vulnerable phase of their development.
However, Goldman Sachs (gs) states that the report was "false news", based on the fact that the trading desk plans never had a chronology.
"When we talked about the exploration of digital resources that would have been an exploration that would evolve over time," Goldman Chief Financial Officer Martin Chavez said on stage at the TechCrunch Disrupt Conference in San Francisco, as quoted by CNBC.
"Maybe someone who was thinking about our activities here was very excited that we would turn the markets into physical bitcoin principles, and as they approached, they realized it's part of the evolution, but it's not here yet . "
The original Business Insider report claimed that Goldman was de-legitimizing its cryptocurrency trading plans due to regulatory uncertainty. He also said that Goldman is now focusing on projects such as a cryptocurrency custody product, which Chavez discussed on Thursday, noting that a secure custody solution was a prerequisite for additional cryptocurrency services.
"From a custody standpoint, we have not yet seen an institutional grade custody solution for Bitcoin," said Chavez. "We are interested in existing and it is a long way."
Chavez also said that Goldman was trying to develop over-the-counter derivatives for Bitcoin. "They are settled in US dollars and the reference price is the Bitcoin-U.S. dollar price set by a series of trades," he said.
The interview with Chavez may have helped to put an end to the sea of red that was the cryptocurrency market from Wednesday to Thursday. All the indicators have now become green, although for coins like Bitcoin and Ether it may take some time to recover the losses they have made this week.
At the time of writing on Friday morning, Bitcoin rose by 1.1% to $ 6.517. Before the fall, it was $ 7.382.