Goldman Sachs ditching plans for a bitcoin trading desk

Half of American Millennials Interested in Using Primarily Cryptocurrency

While Bloomberg had originally reported at the end of a year ago that Goldman Sachs was working on the implementation of a cryptocurrency trading desk to be launched in 2018, a story out of Business Insider earlier this week claimed that the project had been shuttered.

The major cryptocurrencies slid quickly on Wednesday, with Bitcoin falling about 5% in about an hour, while Ethereum and Ripple were also hit.

Cryptocurrency markets seemed to respond negatively to the news.

Bitcoin BTC=BTSP was trading down almost 4.8 percent at $7,007 on the Luxembourg-based Bitstamp exchange on Wednesday.

Eight months ago, just after the price of bitcoin hit its all-time high of more than $19,000, Bloomberg reported that Goldman Sachs was working to set up a cryptocurrency trading desk.

However, Martin stated that this news was off-guard as the firm had not made any announcement regarding the Bitcoin Trading Desk.

Is Goldman Sachs abandoning its bitcoin plans?
Bitcoin and other cryptocurrencies suffer a sudden crash

Due to the fact that Korea Post has pursued investments in real estate and infrastructure assets overseas, it's projected that their intrigue regarding cryptocurrency may play into the company's interim plans toward a possible integration.

The moves follow last month's decision by United States regulators to reject another round of Bitcoin exchange-traded fund proposals. So far, Goldman has apparently not been able to do that.

And with Goldman's refusal to continue with the trading desk, a lot of hopes and dreams are again being dashed to the ground. "At this point, we have not reached a conclusion on the scope of our digital asset offering", a spokesperson for Goldman reportedly told Business Insider.

While the decision may dispel users that prioritise anonymity, it may also help ShapeShift attract users that trade larger amounts of funds that tend to prefer regulated venues, said Vijay Ayyar, the Singapore-based head of business development at Luno, a cryptocurrency exchange.

Its forays into the space date back to 2015, when Goldman was part of a $50 million funding round with digital payment platform Circle.

Clearly, the market still respects Goldman Sachs outlook on the crypto market.

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