Goldman Sachs officially launches the crypto desk

By: Miguel A. Rodriguez

15:56, 10 May 2021

One of the largest investment banks in the world, Goldman Sachs has formally started the cryptocurrency trading era on Wall Street

According to a memo obtained exclusively by CNBC, Goldman Sachs officially relaunched its crypto desk after it successfully traded two types of bitcoin-linked derivatives. Moreover, Rajesh Venkataramani, the Goldman Sachs partner who wrote the memo, stated that a crypto team had been established. The desk is part of the firm’s global currencies and emerging markets division.

The announcement came after the program was previously restarted this March. According to Reuters, Goldman Sachs was considering projects involving blockchain technology and central bank digital currencies. The crypto desk was initially started in 2018, but as bitcoin’s price was falling, so was investors’ interest. But, since then, the market infrastructure for cryptocurrencies has developed, and financial institutions started offering products and services, such as CME Group Inc, Intercontinental Exchange Inc, and Fidelity. Even mainstream companies, such as Tesla, announced that it bought $1.5 billion worth of bitcoin, and it revealed that it is accepting bitcoin payments.

Through its desk, Goldman Sachs offers bitcoin futures and non-deliverable forwards to wager on the price of bitcoin. The contracts are settled in cash, as Goldman is not working with the “physical bitcoin.”


Share this article

This information prepared by is not an offer or a solicitation for the purpose of purchase or sale of any financial products referred to herein or to enter into any legal relations, nor an advice or a recommendation with respect to such financial products.This information is prepared for general circulation. It does not regard to the specific investment objectives, financial situation, or the particular needs of any recipient.You should independently evaluate each financial product and consider the suitability of such a financial product, by taking into account your specific investment objectives, financial situation, or particular needs, and by consulting an independent financial adviser as needed, before dealing in any financial products mentioned in this document.This information may not be published, circulated, reproduced, or distributed in whole or in part to any other person without the Company’s prior written consent.
Past performance is not always indicative of likely or future performance. Any views or opinions presented are solely those of the author and do not necessarily represent those of Financial Services (Pty) Ltd trading as CAPEX.COM/ZA acts as intermediary between the investor and Magnasale Trading Ltd, the counterparty to the contract for difference purchased by the Investor via CAPEX.COM/ZA, authorised & regulated by the Cyprus Securities and Exchange Commission with license number 264/15.  Magnasale Trading Ltd is the principal to the CFD purchased by investors.