New Trading Desk? Goldman Sachs is entering the cryptocurrency market

Goldman Sachs Group is reportedly setting up a cryptocurrency trading desk, sources familiar with the matter said, signaling a profound shift in Wall Street’s attitude toward the digital asset class.

GOLDMAN EMBRACING CRYPTO
Bloomberg reported Thursday that Wall Street’s largest investment bank is setting up a trading desk to make markets in cryptocurrencies such as bitcoin. The business will be up and running by the end of June once security issues have been resolved. Goldman is also exploring ways to hold the assets. Sources familiar with the matter also said the bank is setting up a team in New York to administer the new project.

In response to client interest in digital currencies, we are exploring how best to serve them,” Michael DuVally, a spokesman for the bank, said in a statement.

By venturing into cryptocurrency, Goldman Sachs would become the first large Wall Street bank to enter the alternative asset class. Unlike other banks, Goldman has been fairly receptive to the idea of cryptocurrencies, with CEO Lloyd Blankfein already announcing that his firm was exploring the possibility of entering the market.