Goldman Sachs has created a cryptocurrency trading desk, marking a major step in digital assets investing on Wall Street.
The bank told employees in an internal memo that it had successfully traded Bitcoin-linked derivatives, according to CNBC. The crypto team is part of the global currencies and emerging markets division and reports to veteran Goldman Sachs executive Rajesh Venkataramani, who wrote the memo.
Goldman Sachs had reportedly started setting up a crypto currency trading desk in 2017. The move comes amid signs that the Biden Administration is looking more closely at regulating cryptocurrencies.
Benjamin Pimentel (
@benpimentel) covers fintech from San Francisco. He has reported on many of the biggest tech stories over the past 20 years for the San Francisco Chronicle, Dow Jones MarketWatch and Business Insider, from the dot-com crash, the rise of cloud computing, social networking and AI to the impact of the Great Recession and the COVID crisis on Silicon Valley and beyond. He can be reached at email@example.com or via Signal at (510)731-8429.