Goldman Sachs announces a new crypto trading team in an internal memo snagarajan@businessinsider.com (Shalini Nagarajan)
Goldman Sachs has informed employees of a new cryptocurrency trading desk, the bank confirmed.
It is the first time the US bank has formally acknowledged involvement in crypto-trading.
The crypto team will report to Goldman partner, Rajesh Venkataramani.
Goldman Sachs formally announced the launch of its newly-formed cryptocurrency trading desk to markets employees, according to an internal memo obtained by Insider.
The team has successfully executed two types of bitcoin-linked trades - bitcoin non-deliverable futures and CME BTC futures, the bank said.
Members will report to Goldman partner Rajesh Venkataramani. It will function as part of the bank s global currencies and emerging markets trading team within a division led by the global head of digital assets, Mathew McDermott.
The crypto team exists within the firm s global currencies and emerging markets trading division, reporting to Goldman partner Rajesh Venkataramani, who wrote the memo, and is part of the bank s overall digital assets effort led by Mathew McDermott.
Goldman Sachs, a dominant global investment bank for trading fixed income and equities, had been mulling the creation of a bitcoin trading desk since at least 2017. The firm tabled those plans initially and restarted the crypto trading team in March, Reuters reported earlier this year. Thursday s memo was the first time New York-based Goldman officially acknowledged its involvement in crytpocurrency trading.
Under CEO David Solomon, Goldman has said it is seeking to broaden its market presence by selectively onboarding crypto trading institutions to expand offerings. The firm also said it launched a new software platform this week that provides the latest cryptocurrency prices and news to clients.
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TeraBlock announced that it had raised a total of $2,540,000 from private investors and anticipates holding an initial decentralized exchange offering in the nearest futures.
TeraBlock, a platform designed to help novice cryptocurrency traders manage their portfolios with machine-learning-driven automation, has launched a fully automated algorithm system. Shivam Tandon, the TeraBlock founder, noted that the fully automated algorithm system will significantly assist crypto traders to simplify trading strategies amid heightened volatility
Notably, the firm aims to onboard more retail traders who fear losing their investment, particularly during heightened market volatilities.
Goldman Sachs Group has restarted its cryptocurrency trading desk amid a boom in bitcoin, Reuters first reported. The investment bank will deal bitcoin futures
"Today, we're sending a clear message to the entire industry that you either play by the rules or we will shut you down," New York Attorney General Letitia James said on Monday.