‘Evolve & Adapt’: Goldman Sachs Could Trade Cryptocurrencies, Not Only Futures

Goldman Sachs, the investment banking giant, is making serious plans to launch a full-scale cryptocurrency trading operation.

In an interview with Bloomberg, Goldman Sachs COO David Solomon explained that the company is having internal talks about providing more cryptocurrency trading services in response to client demand.

“We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously,” Solomon said during an interview in China. “We’re listening to our clients and trying to help our clients as they’re exploring those things too.”

Goldman Sachs was one of the first firms to settle bitcoin futures for clients after the launch of these products in December, yet, aside from indirect exposure through investments in cryptocurrency startups including Circle, the firm had been hesitant to enter the ecosystem.

Yet, that seems to be changing, although the cryptocurrency market has gone through a sharp drop from its all-time high.

According to Solomon, the firm must “evolve its business and adapt to the environment,” which may include providing additional digital currency products.

In May, Goldman Sachs revealed that it will launch a bitcoin trading desk, a decision that came after months of disapproval from CEO and in some cases crypto-skeptic Lloyd Blankfein.

At first, the company is providing clients with a type of proprietary bitcoin futures contract known as a non-deliverable forward, Goldman also confirmed that it might find regulatory permission to trade actual bitcoins in the future.