Goldman Sachs Announces New Crypto Trading Team to Serve Wealth Management Clients

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SlavkoSereda / Getty Images/iStockphoto
SlavkoSereda / Getty Images/iStockphoto

Goldman Sachs is officially starting its crypto trading, with the formation of a cryptocurrency trading team and the execution of two Bitcoin-linked derivatives, according to an internal memo obtained by GOBankingRates.

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“I am pleased to announce the formation of the firm’s cryptocurrency trading team, which will be our centralized desk for managing cryptocurrency risk for our clients. The Crypto trading team will be a part of Global Currencies and Emerging Markets (GCEM), reporting to me, within the firm’s Digital Assets effort led by Mathew McDermott,” Goldman Sachs partner and managing director Rajesh Venkataramani, said in the memo.

“As a part of our initial launch, we have successfully executed Bitcoin (BTC) NDFs [non deliverable forwards] and CME BTC future trades on a principal basis, all cash settling. Looking ahead, as we continue to broaden our market presence, albeit in a measured way, we are selectively onboarding new liquidity providers to help us in expanding our offering,” he added.

Goldman Sachs also said that earlier this week, it launched a Digital Assets dashboard which provides daily and intraday cryptocurrency market data and news to its clients.

See: 10 Best Cryptocurrencies to Invest in for 2021
Find: Morgan Stanley Will Offer Wealthy Clients Access to Bitcoin Funds

Last month, the investment bank said it would start offering exposure to Bitcoin and other cryptos to its wealth management clients in the second quarter and had named Mary Rich as global head of the digital assets group to lead the effort, a spokesperson told GOBankingRates at the time.

In this newly created role, Rich will work closely with advisors to educate clients about blockchain technology and the digital assets ecosystem, and seek to deliver content, investment offerings and services, according to a Goldman Sachs memo viewed by GOBankingrates.

This new team will partner with the firmwide digital assets group, led globally by Mathew McDermott, and PWM capital markets, led globally by Sara Naison-Tarajano.

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This article originally appeared on GOBankingRates.com: Goldman Sachs Announces New Crypto Trading Team to Serve Wealth Management Clients

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