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Goldman Sachs pulls back on bitcoin trade plans: report

A sign is displayed in the reception of the Sydney offices of Goldman Sachs in Australia, May 18, 2016. (Reuters)

International banking giant Goldman Sachs has pulled back from immediate plans to open a bitcoin trading desk, according to US media report Wednesday that sent bitcoin prices lower.

Faced with regulatory uncertainty over bitcoin, Goldman has suspended for now plans for the exchange in favor of other digital currency efforts, Business Insider reported, citing unnamed sources.

A Goldman Sachs spokesman did not directly comment on the report.

“In response to client interest in various digital products, we are exploring how best to serve them in the space,” the spokesman said. “At this point, we have not reached a conclusion on the scope of our digital asset offering.”

Near 1400 GMT, the cryptocurrency was trading at around $7,000, down about five percent from Tuesday’s level.

Goldman Sachs has taken some steps in cryptocurrencies, including recruiting Justin Schmidt from hedge fund Seven Eight Capital. Schmidt has begun to prepare the bank for transactions involving bitcoin in case of a green light from regulators.

But some large financial firms have pulled back on digital money projects as bitcoin prices have plunged this year.

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Last Update: Wednesday, 5 September 2018 KSA 18:41 - GMT 15:41
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