Leading US investment bank Goldman Sachs is reportedly looking to get more involved with cryptocurrency-related products, beyond the publicly-traded derivatives it already offers. This, according to the company’s chief operating officer David Solomon.
Speaking to Bloomberg TV in China, Solomon revealed that Goldman Sachs “must evolve its business and adapt to the environment while responding to a question about cryptocurrencies.
According to Solomon, the financial institution has been approaching cryptocurrency-related projects “very cautiously.” He said:
We are clearing some futures around Bitcoin, talking about doing some other activities there, but it’s going very cautiously. We’re listening to our clients and trying to help our clients as they’re exploring those things too.
Recently, as covered by CryptoGlobe, Goldman Sachs’ chief executive officer Lloyd Blankein revealed that bitcoin isn’t for him and that he doesn’t own any, while noting that he would be able to explain why cryptocurrencies became mainstream, if they achieve such status.
The CEO revealed he has in the past passed on innovations – citing the cellphone one as an example – because he believed they were a fad, and admitted cryptocurrencies could replace fiat currency, just like precious metals like gold and silver were replaced.
Blankfein has in the past been against bitcoin, as he pointed to it and other cryptocurrencies as a “vehicle to perpetrate fraud.” Later on, he claimed to have a “level of discomfort” with the flagship cryptocurrency, but admitted to being open to it.
Notably, Solomon is said to be a clear frontrunner to succeed Lloyd Blankfien as Goldman Sachs’ chief executive officer. The financial institution’s stance towards cryptocurrencies has been changing over time, as in 2014 it argued the flagship cryptocurrency doesn’t qualify as money, while last year it revealed it’s hard for institutional investors to ignore it.
Recently, it has been reported the investment bank may be about to launch a bitcoin futures trading operation. While the exact date in which it would launch isn’t known, the move is reportedly an answer to popular demand as hedge funds, endowments and other institutional investors showed interest in trading crypto-related products. Per Solomon, Goldman Sachs already helps clients deal in publicly-traded bitcoin futures.