It’s Official: Goldman Sachs Drops Cryptotrading Plans

Information that one of the largest investment banks in the world is preparing to open a trading platform for digital assets has long been distributed on the Web.

In December 2017, the Bloomberg publication posted an article stating that Goldman Sachs is developing a cryptocurrency trading platform, which, allegedly, will be launched by the end of June 2018. However, in the middle of last year, the Business Insider news portal announced that the bank had abandoned its plans due to the ambiguous attitude of the government towards crypto industry and Bitcoin (BTC), in particular.

The end of the rumors put the chairman of Goldman Sachs, David Solomon. During his speech at a meeting in the United States House of Representatives, he said:

“The first [Bloomberg article] wasn’t correct. Like others, we are watching and […] doing work to try to understand the cryptocurrency market as it develops […] but we never had plans to open a cryptocurrency trading desk.”

Solomon confirmed that Goldman Sachs provides cashless payment processing services to some customers as part of futures contracts delivery in digital assets. According to David, in the future, the bank may consider the idea of creating a cryptocurrency trading platform, however, now this is out of the question since the viability of virtual currencies is in doubt.

American bank JPMorgan Chase, one of the main competitors of Goldman Sachs, in February 2019 released its own cryptocurrency – JPM Coin. This digital asset will operate on the Interbank Information Network blockchain, which unites more than 150 banks from around the world. Testing JPM Coin is scheduled for the first half of 2019, if the tests are successful, the company will integrate virtual currency into the system of interbank money transfer.

We want to remind you:

150 Years Of History Or Goldman Sachs: The Bank That Leads The World

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