As reported by The New York Times, one of the largest financial institutions in the United States, the Bank Goldman Sachs, plans to sponsor investment contracts tied to the price of Bitcoin, and hopes to eventually start selling “physical bitcoins” directly.
Rumors that the Bank plans to launch its own cryptocurrency trading system go with December last year. However, the leaders and representatives of the companies strongly denied them.
Most recently, on April 23, the Bank hired a cryptocurrency trader Justin Schmidt and appointed him head of the cryptocurrency otedola. It was expected that this solution will help customers of Goldman Sachs to access transactions with the digital currency.
At the moment the Bank has confirmed it will offer its clients the type of futures contract called unclaimed striker, who will be associated with Bitcoins.
Rana Yared, an Executive Director of Goldman Sachs, told the newspaper that most of the people involved in this process are still skeptical about the cryptocurrency.
“I wouldn’t call myself a true believer who wakes up in the morning and thinks Bitcoin will possess the world. We are skeptical of cryptocurrency”.
However, the Bank has received approval to hedge funds, charitable organizations and other institutional investors who voted in favor of the upcoming changes.
Goldman Sachs will become the first major U.S. Bank to use its own funds for trading cryptocurrencies, or derived from them.
As a result, the Bank hopes to obtain regulatory approval of the Federal reserve and state authorities to start trading real bitcoin, ironically called “physical bitcoins”, which, undoubtedly, will consolidate the status of the flagship cryptocurrency as a main financial asset.
“This is not a new risk, which we don’t understand,” said Yared about bitcoin trading