A blockchain venture capitalist – Spencer Bogart said the digital currency market is too big to overlook. He said that, very soon, other financial institutions will join Goldman Sachs to open a trading platform for the buying and selling of bitcoin as well as other digital currencies.
Goldman Sachs is forging ahead with the plans of creating the first digital currency exchange platform of any Wall Street Bank, and pretty soon, other banks will likely follow suit – according to Bogart. The banking giant – Goldman Sachs plans on creating a crypto trading platform, but the company will start with the buying and selling of bitcoin first, later on, they will start trading other digital currencies.
Other Banks Will Follow Goldman Sachs
Mr. Bogart said: “that is what most banks do, follow the footstep of Goldman Sachs. He also said that most of these financial institutions have seen or heard about the amount of profits made by crypto exchange platforms such as Binance and Coinbase. There is a higher possibility that some of these crypto exchange platforms could overtake some of the biggest financial institutions of Wall Street if they do not get involved in the crypto market.
Goldman Is Moving Ahead with Its Plan
According to a report on The New York Times on Wednesday, the banking giant or Wall Street is moving ahead with its plans to create the first bitcoin exchange platform among other Wall Street banks. This move came in a period when a lot of financial institutions have shied away from the craze of digital currencies over regulatory concerns.
Bogart called the banking giant’s bet on the digital currency “bullish” and he said it’s a huge step forward for the digital currency market. He said the crypto market is so large that it can no longer be ignored, and now a lot of financial institutions are venturing into the market.