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Goldman Sachs To Restart Crypto Desk After Abandoning The Idea In 2018

March 1, 2021 5:44 pm
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Goldman Sachs To Restart Crypto Desk After Abandoning The Idea In 2018

Goldman Sachs Group Inc (NYSE:GS) has decided to restart its cryptocurrency desk, Reuters has reported.

What Happened: The bank will start offering bitcoin futures and non-deliverable forwards again in mid-March, after it announced its launch in 2018 but never actually did it, according to a person familiar with the matter.

The decision comes amid the cryptocurrency boom, with the crypto market capitalization reaching almost $1.5 trillion.

Why It Matters: Goldman Sachs is also exploring an option of launching a bitcoin exchange-traded fund, Reuters quoted the source.

The crypto desk is a part of the bank’s sector which also develops blockchain and central digital currencies projects.

Price Action: Goldman Sachs’ shared closed at $329.92 and fell by 0.045% in the after-hours markets. It was trading at 329.77 at press time.

Bitcoin (CRYPTO: BTC) was trading at $48,988 at press time, having grown by 8.54% over the past twenty-four hours but falling by 10% over the past week.

Image: Akshay Sadarangani via Unsplash

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