Goldman Sachs CFO sheds light on bank’s crypto strategy following recent report

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Earlier this week, media outlets reported that Goldman Sachs was nixing the creation of a Bitcoin (BTC) 00 trading desk. But this is actually good news.

Get blockchain news and crypto insights. For example, the price of the coin of Ethereum, Ether fell in value by 13 percent as per the latest reports.

"A lot of retail investors' hopes for a bigger institutional presence were really being driven by Goldman Sachs". They justify their interrogation on this matter that this is just a temporary spillover effect because Bitcoin was being traded already in major exchanges.

However, nothing was confirmed. However, these two Bitcoin futures are completely cash-settled.

So Wednesday's news shouldn't come as too much of a surprise.

The revelation comes courtesy of Goldman Sachs' chief financial officer.

According to Bloomberg, the company's president Kang Seong-ju revealed in an interview that he had discussions with Goldman president and incoming CEO David Solomon at a meeting in NY.

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"I never thought I would hear myself use this term..."

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The bank is not ditching its plans. The entire market lost almost 64% of its value on Thursday, there are cryptos that lost even more.

Later on Thursday, there was yet another news stating that the decision of Goldman Sachs dropping crypto was fake news. Right now the company offers cryptocurrency futures and contracts for difference (CFD).

Goldman Sachs, however, isn't saying anything definitive for now.

At the same time, they are working on some form of derivative for bitcoin.

Bitcoin has struggled to return to the former heady heights of December 2017 when it was trading at $20,000.

However, immediately after denying the information, Chavez suggested that the hype over a potential Goldman Sachs crypto trading desk may have been premature.

"... something tremendously interesting and tremendously challenging from the perspective of custody".

Goldman first needs to prove it can store bitcoin safely. He added that his firm was pursuing a derivative of bitcoin because "clients want it". This interest if translates well could swell the crypto markets and probably take them to their all-time highs which they hit past year. In their explanation, they said that they had chose to build their own regulated and qualified custodial offering, instead of using a previously established financial firm like Kingdom Trust. He encourages not to panic and invest at the current lows after studying the characteristics of the chosen crypto projects. This type of trading does not make an actual delivery of the physical oil. Martin continued to say that when the firm began exploring digital assets, they knew that this exploration was going to evolve over time.

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