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There is sometimes the impression that the price of Bitcoin is increasing and decreasing at the turn of a speculative dime and yesterday, we saw such a moment occur, when it was announced that Goldman Sachs was planning to give up his plan to build a Bitcoin trading platform. causing the crash of the cryptocurrency price. But today, at TechCrunch Disrupt, Goldman Sachs' CFO described the story as "false news" and said the bank was still considering offering services involving physical Bitcoin, but that She had not yet set a timetable for it.
"I was in New York yesterday and I co-chaired our risk committee, and I saw the news article," said CFO Marty Chavez, referring to the report yesterday. "It was not like we had announced something or something had changed for us … I never thought I really meant to use that term, but I should really describe it as a false news .
As Chavez has described, Goldman Sachs had built a Bitcoin trading platform on the model of a commodity trading platform, where there is never a Bitcoin exchange, but the promise of its evolution.
"Our institutional clients said," We would like you to clear out these new Bitcoin futures contracts offered by the stock exchanges, "we have been doing since then and our clients since May. [started to ask]"We would like you to also provide us with liquidity and swap the principal as the principal of the futures, not just erase them," and we did that, the next stage of exploration, what we call future deliverables.
"These are derivatives, OTC derivatives," he continued. "They're settled in US dollars and the benchmark price is the US Bitcoin price set by a set of stock exchanges, the same as the one mentioned in futures, and we're working on that now. something extremely interesting and extremely difficult. From the point of view of childcare, we do not yet see a custody solution for Bitcoin cases in childcare facilities. "
While companies like Coinbase are trying to take advantage of this demand by offering custodial services that focus directly on institutional money, Goldman himself still has no timetable for when his own offer might be ready.
"We are interested in this, and the road is long and I would only speculate. Maybe someone who thought about our activities here was very excited about creating markets as primary and physical bitcoin, and realizing that this was part of the evolution, but it has not happened yet.
Bitcoin – and the crypto market in general – suffered significant price losses this week as a result of reports of Goldman's failed projects, but that was not the only trigger. Reuters also said that the EU is studying the regulation of cryptography and preparing a report that proposes to regulate trade and ICOs.
Bitcoin recorded a record valuation of nearly $ 20,000 in January and struggled to find these peaks for the rest of the year. Cryptocurrency was priced at $ 6,536 at the time of writing, a little less than the record high of $ 8,266 on July 26, according to information from Coinmarketcap.com.
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