Goldman Sachs’ Bitcoin operation ready for launch

Goldman Sachs is to launch its own Bitcoin trading operation.

The investment bank will reportedly trade Bitcoin futures on behalf of clients using its own capital.

The move is set to make Goldman Sachs the first major Wall Street bank to open a bitcoin trading desk offering a limited number of derivatives to begin with.

The creation of the trading platform, first reported by The New York Times, came after senior figures at Goldman Sachs concluded that bitcoin is not a fraud or simply a speculative bubble.

Rana Yared, a managing director in the Principal Strategic Investments team, told the publication:

While Goldman will not initially be buying and selling actual bitcoins, a team at the bank is looking at going in that direction if it can get regulatory approval and figure out how to deal with the additional risks associated with holding the virtual currency.

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