Bitcoin Goes Mainstream with Goldman Sachs

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Goldman Sachs is getting into the bitcoin craze. The American banking firm is dedicating an entire team to work on cryptocurrencies. The latter should be operational by June 2018, according to Bloomberg.

It’s only a matter of months. Goldman Sachs, known for its financial ingenuity, is setting up a team dedicated to the purchase of cryptocurrencies, including bitcoin, according to information from Bloomberg.

The bank led by Lloyd Blankfein has given itself six months to make the team officially operational by June 2018. “We are exploring the best way to serve our customers,” said Michael DuVally, spokesman for the bank.

These six months should allow Goldman Sachs, which announced its interest in bitcoin in October, to settle the latest regulatory and security issues for its customers. The stakes of storage and transfer of cryptocurrencies are still regularly highlighted. A computer attack forced the south Korean stock exchange Youbit to close.

The new team could be based in New York, at the bank’s headquarters, even though the choice has not been finalized, according to Bloomberg.  

The creation of this team puts Goldman Sachs among the pioneers in cryptocurrency, joining banks like Citigroup and Bank of America, which deal with some of the future transactions launched by the Chicago Stock Exchange in December.

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Goldman Sachs is not the only the investment bank rushing to take a piece of the bitcoin cake. Other industry behemoths, such as JP Morgan, announced in November the creation of such a team even though CEO Jamie Dimon had called the currenzcy a fraud. The decision of Goldman Sachs should accelerate the cryptocurrency race.

Eric Thomas

Eric, originally from Nigeria, currently resides in Florida and covers a wide range of topics for The talking Democrat.