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Goldman Sachs Retreat From Trading Desk a Case of “Fake News”

Last week it was reported that Goldman Sachs decided to put a hold on its plans to open a cryptocurrency trading desk which would include bitcoin. Now, the bank’s chief financial officer, Martin Chavez, has called these claims “fake news.”

The rumors originated from a Business Insider exclusive detailing a supposed pullback by the bank in their efforts towards establishing a cryptos trading desk. The source claimed that the inability to navigate the present framework has lowered the project on their priority list and the bank will instead focus more heavily on other project such as custody for crypto funds.

“I never thought I would hear myself use this term but I really have to describe that news as fake news,” said Chavez on stage at the TechCrunch Disrupt Conference, as reported by CNBC.

Chaves said Goldman continues to work on a type of derivative for bitcoin because “clients want it.” The banks CFO added:

“The next stage of the exploration is what we call non-deliverable forwards, these are over the counter derivatives, they’re settled in U.S. dollars and the reference price is the bitcoin-U.S. dollar price established by a set of exchanges.”

In response to the unnamed source(s) from the original report, Chavez hypothesized “When we talked about exploring digital assets that it was going to be exploration that would be evolving over time…Maybe someone who was thinking about our activities here got very excited that we would be making markets as principal and physical bitcoin, and as they got into it they realized part of the evolution but its not here yet.”