Goldman Sachs to Open a Bitcoin Trading Operation (nytimes.com)

Even as most big banks have maintained distance from virtual currency Bitcoin, Goldman Sachs is bucking the risks: It plans to set up what appears to be the first Bitcoin trading operation at a Wall Street bank. From a report: In a step that is likely to lend legitimacy to virtual currencies -- and create new concerns for Goldman -- the bank is about to begin using its own money to trade with clients in a variety of contracts linked to the price of Bitcoin. While Goldman will not initially be buying and selling actual Bitcoins, a team at the bank is looking at going in that direction if it can get regulatory approval and figure out how to deal with the additional risks associated with holding the virtual currency. Rana Yared, one of the Goldman executives overseeing the creation of the trading operation, said the bank was cleareyed about what it was getting itself into. "I would not describe myself as a true believer who wakes up thinking Bitcoin will take over the world," Ms. Yared said. "For almost every person involved, there has been personal skepticism brought to the table."

Comments

Re: Money Laundering

[Anonymous Coward]

ITS Goldman Sachs you stupid or what?! They never needed BTC to make money laundering, they even cheated European Union to let them think Greece had money while they were bankrupt !!! (To let them join Europe when they should not have join Europe and euro group...) this is the bank who created the euro debt crisis! (Which was caused by the subprime America crisis, in which Goldman Sachs bet against his own clients...)

Of course!

[GerryGilmore]

If anyone can spot an opportunity to bilk marks out of their dollars while feathering their own nests (https://www.amazon.com/Where-Are-Customers-Yachts-Street/dp/0471770892), it would - yes! - be that "vampire squid" epitomized by GS.

Oh boy

[PopeRatzo]

Now that Goldman Sachs is involved, surely nothing can go wrong. They're reputation is impeccable.