Goldman Sachs Is Looking to Trade More Than Bitcoin Futures, COO Reveals

  • Leading US investment bank Goldman Sachs revealed it's looking to trade more than just bitcoin futures products.
  • This could imply the financial institution will trade bitcoin and other cryptocurrencies directly, although it's likelier it will choose other products.

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.

David Solomon

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.

Microsoft's Bing Reportedly Blocked Over 5 Million Cryptocurrency Ads Last Year

Francisco Memoria

Microsoft’s search engine Bing has reportedly blocked over 5 million cryptocurrency-related ads last year, as a result of a ban the search engine enacted in an attempt to protect its users from fraudsters.

According to Bing’s ad quality review, the company’s bad account takedowns doubled in 2018, with cryptocurrency, weapons, and third-party tech support scams being the main problems it faced. Overall, Bing suspended “nearly 200,000 accounts” last year, and removed 900 million ads from its platform.

As covered, Bing banned cryptocurrency-related ads back in May, in a move it claimed was made to protect users from scammers, as the crypto market being unregulated meant cryptocurrencies “present a possible elevated risk to our users with the potential for bad actors to participate in predatory behaviors, or otherwise scam consumers.”

At the time Melissa Alsoszatai-Petheo, who published the company’s blog post on the move, wrote:

To help protect our users from this risk, we have made the decision to disallow advertising for cryptocurrency, cryptocurrency related products, and un-regulated binary options. Bing Ads will implement this change to our financial product and services policy globally in June, with enforcement rolling out in late June to early July.

The move saw cryptocurrencies join other questionable products and services Microsoft banned from its platform. These include Ponzi and pyramid schemes, and the mentioned third-party tech support scams.

Bing notably banned cryptocurrency-related ads following bans enacted by search giant Google and social media giant Facebook. These two firms have since started allowing crypto-related ads from a few companies.

At the time, various cryptocurrency associations threatened lawsuits against the tech giants over what they claimed to be “cartel collusion” against cryptos, made in an attempt to manipulate the market.

Although Microsoft’s search engine has banned crypto ads, the tech giant itself has been accepting bitcoin payments since 2014. Its website even has a how-to page walking users through the process of topping up their accounts using BTC.