CFO Of Goldman Sachs Clears the Air about Bank’s Digital Currency Ambition

Goldman Sachs

One of the top executives of Goldman Sachs is out to clear the air regarding the digital currency ambition of the bank after the circulation of the news that the bank was ditching its plans to launch a trading desk for digital currencies.

Martin Chavez Described the News as Fake News

During the TechCrunch Disrupt Conference that took place in San Francisco, Martin Chavez – the Chief Financial Officer of Goldman Sachs – said that the report that the bank was dumping its plans to open a trading desk for digital currencies is “fake news.”

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %
bitcoin
Bitcoin(BTC)
$11,744.98
2.42%

Goldman Sachs Is Working on Bitcoin (BTC) Derivatives for Clients

Martin Chavez said that the bank is working on a Bitcoin (BTC) derivative for their clients because they want it. According to Chavez, “The next exploration phase is what they refer to as non-derivatives forwards. Adding that these are over the counter derivatives which are settled in USD and the reference price is the BTC/USD price set by some groups of trading platforms.”

The Impact of the Alleged “Fake News”

The value of Bitcoin (BTC) and other top digital currencies in the market declined significantly after the initial news by Business Insider a few days ago. Goldman Sachs has been considering to open some sort of digital currency option for its clients over the past year. But it has never been clear what the Wall Street giant was planning.

The outgoing CEO of the bank – Lloyd Blankfein posted a tweet in October last year that the Wall Street giant was still thinking about Bitcoin (BTC), and the bank was neither rejecting nor endorsing. On Thursday, Martin Chavez looked to knock down the reports about the bank ditching plans this week, but he also made it clear that there’s no timeframe for this effort yet.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.

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