Goldman Sachs announces a new crypto trading team in an internal memo

Goldman Sachs announces a new crypto trading team in an internal memo

Goldman Sachs formally announced the launch of its newly-formed cryptocurrency trading desk to markets employees, according to an internal memo obtained by Insider.

The team has successfully executed two types of bitcoin-linked trades - bitcoin non-deliverable futures and CME BTC futures, the bank said.

Members will report to Goldman partner Rajesh Venkataramani. It will function as part of the bank's global currencies and emerging markets trading team within a division led by the global head of digital assets, Mathew McDermott.

Goldman had been weighing plans to create a crypto trading desk as early as 2017, according to CNBC. Thursday's memo is the first time the US bank has formally acknowledged its involvement in the reported plans.

It plans to broaden its market presence by "selectively onboarding" crypto trading institutions to expand offerings, according to the memo.

CEO David Solomon said last month he expects a "big evolution" in the way bitcoin and other cryptocurrencies are regulated in the United States. "I'm not going to speculate on where the rules will go for regulated financial institutions, but we're going to continue to find ways to serve our clients as we move forward," he told CNBC in an interview.

A copy of the internal memo obtained by Insider