Goldman Sachs abandons plans to open Crypto Trading Desk

Goldman Sachs Group Inc. interrupts plans to open a cryptocurrency trading desk, reports Business Insider on September 5, citing sources familiar with the issue.

The bank's plans to create a unit focused on cryptography by the end of June 2018 were originally reported by Bloomberg, with sources claiming that Goldman Sachs aims to become "the first major undertaking of Wall Street to do markets in cryptocurrencies. "

Now, Business Insider reports citing anonymous sources that the bank has lowered the priority of this project, since the regulatory environment in the crypto industry is unclear. Many steps may be necessary before a regulated bank can exchange digital assets, most outside the control of Goldman Sachs, according to reports.

"At this point, we have not reached a conclusion on the scope of our digital resource offering," Goldman Sachs spokesman Michael DuVally told Reuters.

However, the bank will not completely reject encryption. As sources of Business Insider claim, Goldman Sachs is going to focus on a custody product for crypto, which will enable it to store cryptocurrency on behalf of large customers and track the price.

In May, Rana Yared, a Goldman Sachs executive, said the bank "had concluded [B] itcoin is not a fraud", as the company officially revealed its plans to buy and sell cryptocurrencies.

However, the company's top officials remained skeptical about digital resources. Goldman Sachs CEO, Lloyd Blankfein, once said that Bitcoin trading was not for him, but he made it clear that he is open to considering it, if the cryptocurrency becomes "more consolidated".

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