Goldman starting Bitcoin trading desk and Coinbase expecting double the trading volume in coming months

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Goldman starting Bitcoin trading desk and Coinbase expecting double the trading volume in coming months

Goldman Sachs is preparing a Bitcoin trading desk.

Goldman has concluded that Bitcoin is not a fraud and does not have the characteristics of a currency. But a number of clients wanted to hold it as a valuable commodity, similar to gold, given the limited quantity of Bitcoin that can ever be “mined” in a complex, virtual system.

“It resonates with us when a client says, ‘I want to hold Bitcoin or Bitcoin futures because I think it is an alternate store of value,’” she said.

Goldman has already been doing more than most banks in the area, clearing trades for customers who want to buy and sell Bitcoin futures on the Chicago Mercantile Exchange and the Chicago Board Options Exchange.

In the next few weeks — the exact start date has not been set — Goldman will begin using its own money to trade Bitcoin futures contracts on behalf of clients. It will also create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients.

Coinbase is also gearing up for more institutional money to enter the crypto market like Goldman Sachs new bitcoin trading desk.

Coinbase said it has traded $150 billion in assets on the platform and it has received more than $225 million in funding.

Personnel numbers were also disclosed, and the company has hired more than 300 full-time employees. When contractors are factored in, the company has 1,000 people working for Coinbase. Nearly 20 percent work in compliance, the company said.

Coinbase said it increased its transaction capacity by 1000 percent year over year.
“We expect to again double this capacity in coming months, all while maintaining the highest standard of security expected by our customers,” the company says.

By | 2018-05-05T17:36:39+00:00 May 5th, 2018|Categories: altcoins, blockchain, cryptocurrency, exchanges, world|Comments Off on Goldman starting Bitcoin trading desk and Coinbase expecting double the trading volume in coming months

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Brian Wang, MBA and BSc, is a business oriented futurist, speaker and author of emerging and disruptive technologies. Sole author and writer of nextbigfuture.com, a science focused news site that covers disruptive technologies and trends globally in industries including Medicine, Technology, Science, Artificial Intelligence, Robotics, Biotechnology, Nanotechnology, etc. Nextbigfuture is Ranked #1 “Science News Blog” worldwide by Alexa, an Amazon company. Website traffic: 2M page views per month and 4M unique readers annually. Lecturer at Singularity University - provided 4 annual reviews of developments in nanotechnology. Sought after speaker at TEDx (lecture on Energy), University of Toronto (futurism) and Transhuman Visions. Contributor on 10-year plan for the Institute for the Future.