Goldman Sachs Denies Cryptocurrency Trading Desk Rumors as 'Fake News'

Fake Goldman Trading Desk FUD

A rumor spread by Business Insider that Goldman Sachs was abandoning plans to launch a cryptocurrency trading desk is “fake news” according to Goldman CFO Martin Chavez.^[1][2]

“I never thought I would hear myself use this term but I really have to describe that news as fake news,” Goldman Sachs Chief Financial Officer Martin Chavez said on stage at the TechCrunch Disrupt Conference in San Francisco.

When people were fishing for reasons as to why Crypto dropped so suddenly on September 4th and 5th the Goldman trading desk cancellation rumor was picked as “the why.”

It is likely that the real why has more to do with technical price action, stocks selling off (general market panic), and some big players dumping their crypto. However, to the extent that this isn’t the reason, people can rest assured knowing that Goldman hasn’t changed course.

Goldman is still generally looking at ways to best serve clients interested in crypto, that exploration doesn’t come with a timeline and is evolving, but for now generally is starting with derivatives and potentially moving toward custody and physical coins.

Their stance on crypto is well summed up here:

“In response to client interest in digital currencies, we are exploring how best to serve them in this space,” a Goldman spokeswoman told CNBC in October.

For the reality behind the rumors and for insight into what Goldman Sachs is actually doing with crypto, see Goldman Sachs CFO says bank is working on a type of futures contract for bitcoin.