Bitcoin (BTC), Cryptocurrency- Despite reports concerning a potential cryptocurrency trading by Wall Street's Goliath, Goldman Sachs, and its subsequent closure, the company has since come out to disprove such reports.
of CNBC on September 6, Goldman Sachs Chief Financial Officer (CFO) Martin Chavez explained that the reports relating to the company leaving the cryptocurrency trading bank were "false news" and they described the whole scenario as a premature understanding. Speaking at the TechCrunch Disrupt Conference in San Francisco, Goldman Sachs CFO put the situation quite bluntly,
"I never thought I would use this term but I really have to describe this news as false news."  While Bloomberg had initially reported at the end of last year that Goldman Sachs was working on the implementation of a cryptocurrency trading desk to be launched in 2018, a Business Insider story earlier this week said that the project had been closed. The Business Insider report cited anonymous sources as the basis for the information, proving that the Wall Street company had decided to eliminate the previously advertised trading counter. Furthermore, the story cited the unclear regulatory environment of cryptocurrency – a feature that many have alluded to as a barrier to institutional investors – was the main reason why Goldman shelved the project, at least in the meantime.
Chavez has come to say that the excitement on an encryption desk by Goldman Sachs has anticipated the facts, with the industry that is not yet at the point of maturation necessary for such an enterprise,
"When we talked about the exploration of digital resources […] It would have been an exploration that would have evolved over time." Perhaps someone who was thinking about our activities here was very enthusiastic about the fact that we would transform the markets into Bitcoin. main and physical, and as soon as they have entered, they have realized part of the evolution but it is not yet here. "
Chavez has also continued to say that the bank does not intend to proceed with the physical trading of Bitcoin at this time, arguing that a more reliable custody solution was needed before they considered the option. However, the company continues to provide liquidity for BTC's futures contracts through CBOE and CME, a feature that some have seen as a prelude to the industry eventually gaining the approval of the Commission for safety and security. US exchanges for funds exchanged with Bitcoin. Expanding the idea of Goldman Sachs venturing directly into Bitcoin, Chavez defined the idea as "extremely interesting", but also stated that it would be difficult to implement it in the current form of the market,
"Physical bitcoin is something tremendously interesting and tremendously challenging – from the custody point of view, we still do not see an institutional-level custody solution for Bitcoin, we're interested in it and it's a long way."