Goldman Sachs preps crypto exchange

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(FinancialPress) — U.S.-based investment bank Goldman Sachs is preparing a crypto-trading desk. It will use its own capital to offer clients who wish to delve into bitcoin, futures trading and a non-deliverable forward.
The announcement has been received as a major milestone in the push for widespread adoption of cryptocurrency exchanges worldwide. Markets welcomed the news and saw bitcoin and several other altcoins experience significant rises in value.
Rana Yared – a GS executive who will lead the new operational branch – said in an interview that he‘s not a full-on believer in the crypto boom.

“I would not describe myself as a true believer who wakes up thinking bitcoin will take over the world,” Yaren told the New York Times.

The bank will give clients the opportunity to trade bitcoin as a non-deliverable forward. In this kind of operation, there is no physical exchange of assets; but an exchange is registered and quoted (most likely in U.S. dollars) on the settlement date of the operation.

While the effect was not immediate, at Friday‘s open most major cryptocurrencies saw their numbers rise considerably. Bitcoin grew 4.85%, while other major altcoins such as Ethereum gained 8.84%

Ether tops $700 threshold

One of the biggest winners after the announcement was ether. It broke the $700 value barrier this week for the first time since March. Ether is the most common coin distributed during ICOs (initial coin offerings), and is expected to continue to grow as coin offerings keep popping up.

“Should the ICO trend continue, I predict initial coin offerings to take over traditional ways of fundraising and Ethereum to reach new dizzy highs,” wrote Naeem Aslam. Aslam serves as chief market analyst at Think Markets U.K.

Ether is currently trading at $775.12

 

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Ruben is a South American writer who focuses on the state of the cryptocurrency, cannabis and tech industries worldwide.

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