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Will 2019 be the Year of Offering Bitcoin Trading Services for Goldman Sachs?

Goldman Sachs Bitcoin Service
Written by Paul Gimmicks

There have been many rumours regarding the entrance of one of the largest investment banks to the Bitcoin trade due to financial problems. Up to now, there was not any bit of good news related to this development. CEO (Chief Executive Officer) of the SolidX Partners Inc, Daniel H. Gallancy declared that expectation of such progress was unrealistic for 2018.

There Was No Plan of Goldman Sachs for the Bitcoin Services in 2018

SolidX Head Mr Gallancy is working for an ETF (Exchange-Traded Fund) in the United States market. He has expressed his critics on the over-optimistic thoughts of the market commentators on effective US financial institutions like Goldman Sachs or Morgan Stanley as stated below:

The market had unrealistic expectations that Goldman or any of its peers could suddenly start a Bitcoin trading business. That was top-of-the-market-hype thinking.

He has added that these types of speculative news should be carefully evaluated and investors should make research themselves before relying on these expectations.

Goldman Sachs CEO Blankfein says Bitcoin is his attention! (Source: Kamal Glover)

Were the News Spread for Speculative Purpose?

Goldman Sachs was not the only financial institution which was expected to enter the cryptocurrency trading market. There were also rumours for the others.

But these kinds of positive expectations and assumptions slowed down due to cryptocurrency price decreases. And finally, November 14th price collapse has completely terminated the overall plans. There is not any positive sign for a newly evolving industry to take attention of the dominant investing companies due to the price fluctuations.

Nevertheless, not all of the news is hypothetical. Multi-Billion Dollar investment gigantic Goldman Sachs has been dealing with XRP (Ripple) and vigorously searching for alternatives on Bitcoin service offering to its prestigious customers.

What is the Fundamental Problem?

The significant restriction for the companies is the pending regulations and the delayed permissions of the United States monetary authorities. Although the companies can execute Bitcoin Future trades, they have to get the permission of CBOE (Chicago Board Options Exchange) and other local US Future Trading market regulators.

This factor is still a fact of not being able to work as asset curators for them. For this reason, they neither can receive and hold cryptocurrencies nor making any investment for their clientele.

Justin Schmidt who is one of the top executives of Goldman Sachs has previously mentioned this issue in broad terms. He outlined the key risks for the institutions as the confirmation problems and slow progression speeds.

Mr Schmidt expressed his thoughts on the necessity of “custody” as stated below:

Custody is this foundational piece that is absolutely necessary. Custody is part of an overall integrated system where different parts need to work well with each other and safely with each other and you have to be able to trust all the different parts in that chain, from buying something to transferring it to storing it in for the long-term

Will 2019 Be a Promising New Year for the Cryptos?

With any bit of doubt, all of these institutions foresee the competitive advantage of offering these innovative Blockchain technologies. Besides, the long-term opportunities of these digital assets are in the radar of not only these potents but also the researchers.

If the market stabilisation at $4,000 Bitcoin price-level will be set by the end of 2018, then the overall interests of the sizable market actors will be maintained. And we can accept it as a piece of great news for 2019.

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About the author

Paul Gimmicks

I am the Founder and the Chief Editor of CryptoCasinos.cc site. My Team and I publish everything on cryptocurrency casinos including in-depth casino reviews, useful articles and last-minute news.

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