Goldman Sachs Enters Digital Currency Futures Trading

Original title: "Want to change the sky? Goldman Sachs' entry into digital currency futures trading means a new bloodbath"

Original author: Mori Goro 

Original source: LinkDD

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Goldman Sachs recently revealed that it will enter the bitcoin futures market. According to foreign media information, in addition to listing Bitcoin futures transactions on the Chicago Mercantile Exchange (CME), Goldman Sachs also provides Bitcoin non-deliverable forward derivatives transactions. Currency spot trading. Although not disclosed by the media, the derivatives transaction is Goldman Sachs' first foray into the digital currency field.

Goldman Sachs' entry this time means that the old financial giants are accelerating their actions. Talents from Goldman Sachs are all over the world, and will have a great impact on digital currency, blockchain and even CBDC projects in Europe, America and Japan.

Goldman Sachs restarts cryptocurrency trading team

Foreign media sources show that Goldman Sachs partner Raj Rajesh Benkataramani revealed in an internal memo that he has formed a cryptocurrency trading team. The team is mainly responsible for buying and selling various assets in world currencies and emerging countries. The team was actually established in 2018, but somehow there has been no activity.

On March 11, with the active digital currency investment market, coupled with the participation of large institutions and many capitals, Goldman Sachs was forced to re-enable cryptocurrency deal team. Last week's declaration also allowed Goldman Sachs to move forward.

In fact, last month, Goldman Sachs internal memo showed that it planned to provide customers with bitcoin and other digital asset investment tools in the second quarter. At the time, Goldman Sachs filed an application to offer notes that could be linked to an ETF related to cryptocurrencies, particularly bitcoin. SEC filings show that Goldman plans to issue $15.7 million in ETF-linked bonds.

The new chairman of the US SEC is also from Goldman Sachs

Since the new chairman of the US SEC, Gary, took office , the actions of large institutions are more active. Gary has a positive attitude towards the digital currency market, and announced that he will actively carry out the layout of the regulatory level, and large institutions are ready to step in. For details, please refer to the previous report of ChainDD: US SEC Chairman Gary Gensler: Public opinion analysis tools for large institutions, call orders, and exchanges should all be regulated

Half a month ago, Morgan Stanley also announced that it would launch a Bitcoin investment fund to customers, becoming the first large US bank to provide customers with a Bitcoin fund; Currency trading and custody services; Bank of New York Mellon, a major US financial company, has announced the launch of custody services.

However, according to the Goldman Sachs memo, on May 7, Goldman Sachs launched a digital asset dashboard to provide clients with daily and intraday cryptocurrency market data and news. It happened to be used in investment analysis tools such as public opinion analysis tools that Gary tried to manage. It is estimated that further research is needed on the specific settings.

However, it should be noted that Goldman Sachs, as a top investment institution, has contacts all over the world, and even Gary, who just took office, is from Goldman Sachs.

How does Goldman Sachs' global talent network work?

In addition to these superficial direct relationships, let's look at the industry-wide Goldman Sachs talent network.

Galaxy Digital, which broke out of the cryptocurrency industry last week, acquired BitGo for $1 billion. You know, Galaxy’s CEO Michael Novogratz is a former partner of Goldman Sachs. For details, please refer to the previous article of ChainDD: The largest merger and acquisition case in the digital currency industry: Galaxy Digital will acquire BitGo for US$1 billion. After the merger, parent company Galaxy Digital stated that the company will undergo a major restructuring and return to the US market. Among them, the role of the Goldman Sachs brand is self-evident.

Coinbase, the first digital currency stock in April, is also traded by Goldman Sachs. One of the co-founders of Coinbase is Fred Elsam, who was born in Goldman Sachs.

Although under the Trump regime, people from Goldman Sachs have received unprecedented reuse and received a lot of criticism, but financial talents from Goldman Sachs are not only industry leaders, but also have connections. Resources are also very solid.

In Japan, it is even more so.

Goldman Sachs in the Japanese digital currency trading market

Founder of Japanese digital currency exchange BitFlyer Yuzo Kano is also from Goldman Sachs, so when the digital currency trading field in Japan was turned upside down in 2017, Yuzo Kano decisively turned around and went to the United States, established American branches one after another, and also had a layout in Europe. For details, please refer to the previous article of ChainDD: Japan’s digital currency trading market reversed on the last day of the fiscal year, bitFlyer has changed 3 managers in 3 years, and Line data leakage is under investigation.

Matsumoto Dai of Monex Group, who is in the limelight, should be one of the early entrepreneurs from Goldman Sachs. After joining Goldman Sachs in 1990, he resigned to start his own business in 1999. In just one and a half years, Monex Group was listed on the TSE Mothers, ranking No. 6 in the industry.

The move of established financial institutions may lead to a series of new actions. In August last year, after Goldman Sachs appointed Mathew McDermott as the chief executive of digital assets, he said in an interview with CNBC that all assets and liabilities will be based on blockchain technology in 5-10 years, and He has doubled the number of people who are not discouraged in Asia and Europe in the last year.

He has also slashed Oli Harris, head of digital asset strategy at archrival JPMorgan Chase & Co. Harris participated in the JPM Coin project. For details, please refer to the previous article of ChainDD: Visa enters the CBDC, PayPal, MasterCard follow closely, and JPMorgan Chase cannot sit still.

The exchange of resources will re-wash this complicated digital currency market. The blockchain field, the digital currency trading market, and the central bank's digital currency field are even more unclear.

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