The Times reported Wednesday that while the exact launch date of the new trading operation is not yet set, the move came after the bank’s board of directors signed off on the initiative. Goldman is also set to “create its own, more flexible version of a future, known as a non-deliverable forward, which it will offer to clients,” according to the report.
Goldman executive Rana Yared said the decision resulted from a growing number of inquiries from clients that indicated interest in holding bitcoin as an alternative asset.
“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 told the Times.
The investment bank has hired its first “digital asset” trader, Justin Schmidt, to handle the daily operation. Schmidt previously worked as a trader at hedge fund Seven Eight Capital before leaving last year to trade cryptocurrencies…