Rumors that Goldman Sachs is dropping its plans to create a Bitcoin trading desk are “Fake News,” according to the company’s CFO.
CNBC’s San Francisco bureau chief Sally Shin talked to the financial giant’s chief financial officer Martin Chavez, who refuted the reports.
Goldman CFO at @TechCrunch regarding rumors of rolling back crypto desk
“I think one of the wonderful things about us is that we get written about a lot. I never thought I would hear myself use this term but I really have to describe that news as Fake news.”
— Sally Shin (@sallyshin) September 6, 2018
According to Chavez, there has never been a timeline for the launch.
“When we talked about exploring digital assets that it was going to be exploration that would be evolving over time. Maybe someone who was thinking about our activities here got very excited that we would be making markets as principal and physical bitcoin, and as they got into it they realized part of the evolution but it’s not here yet.”
Goldman says the company is also working on launching a Bitcoin derivative called a “non-deliverable forward” due to demand from clients.
“The next stage of the exploration is what we call non-deliverable forwards. These are over the counter derivatives. They’re settled in US dollars and the reference price is the Bitcoin-US dollar price established by a set of exchanges.”
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