Goldman Sachs denied rumors of refusal to work with cryptocurrencies

On Wednesday, reports appeared on the Internet about a change in priorities for Goldman Sachs, which decided to abandon the launch of trading in cryptocurrencies and their derivatives. Such news led to a reduction in trading volume and a fall in the price of Bitcoin.

Goldman Sachs CEO Martin Chavez denied these rumors, calling them fake. 

Goldman Sachs, the Wall Street giant that trades the market's most complex assets, continues work on a new financial instrument known as the “non-deliverable forward.” Essentially, this is an over-the-counter derivative. Such futures are settled in US dollars, and the reference price is formed similarly to Bitcoin futures, based on the price of Bitcoin on a number of crypto exchanges. According to Chavez, the company's institutional clients needed such a tool, so the firm began developing it. 

At one time, clients requested clearing services for new Bitcoin futures contracts from the financial giant. Now clients need liquidity and trading of the underlying product, not just its clearing.

 So Goldman Sachs has no plans to stop working on a new over-the-counter derivative, the so-called “non-deliverable forward.”

 Despite the great desire to provide clients with all the necessary financial instruments, the chief executive notes that the company is not yet ready to satisfy all their needs. Currently, Goldman Sachs cannot offer a secure solution for storing Bitcoin. Given the high institutional requirements, the bank cannot move forward without ensuring an appropriate level of security. However, this does not mean that such a solution will not appear tomorrow. 

And, although today there are no exact dates for the release of the company's new products to the market, Goldman Sachs, according to its executive director, is absolutely confident that it will trade Bitcoin soon.