Goldman Sachs has had its feelers in the cryptocurrency waters for a while. Now, the Wall Street giant looks set to take the plunge, having just hired a cryptocurrency trader to help the company expand into digital asset markets.
High Profile Hire
With Bitcoin looking rather bullish once more, Goldman Sachs is getting serious about cryptocurrency.
Goldman Sachs has hired former trader Justin Schmidt to head the multinational investment bank’s and financial services company’s digital asset markets in Goldman’s securities division, as reported by Tearsheet.
Schmidt, who assumed the position on April 16, previously served as both a senior VP at Seven Eight Capital and portfolio manager at LMR Partners.
Institutional Investment Inbound
The new addition to Goldman Sach’s team represents the dramatic increase in institutional interest towards Bitcoin over recent months.
Reports first surfaced regarding the Wall Street giant’s plans to launch a cryptocurrency trading desk in December, though the financial institution has repeatedly denied the claims.
Goldman Sach’s did, however, help fund peer-to-peer payments technology company Circle in 2015. As reported by Bitcoinist yesterday, the Goldman-funded company recently doubled the size of its minimum cryptocurrency trade requirements from $250,000 to $500,000 — citing the fact that “the market is robust.” […]