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- Goldman Sachs is building a cryptocurrency trading desk, according to reporting by Bloomberg News.
- The bank is preparing for a June launch, Bloomberg reported.
Goldman Sachs is reportedly gearing up to dive into the market for digital currencies.
Bloomberg News reported Thursday that the investment bank was preparing a cryptocurrency trading desk to trade digital currencies like bitcoin.
The red-hot cryptocurrency has soared as much as 1,700% this year, hitting above $19,000 on some exchanges.
“The bank aims to get the business running by the end of June, if not earlier,” Bloomberg reported, citing people familiar with the situation.
The trading desk would likely be located within the bank’s FICC unit, according to the Bloomberg report.
The news is striking considering CEO Lloyd Blankfein told Bloomberg in November it was too soon for the bank to need a bitcoin strategy.
If Goldman follows through on the plan, it would become the first major Wall Street bank to trade in the nascent, and volatile, cryptocurrency market.
“In response to client interest in digital currencies, we are exploring how best to serve them,” a spokesman for Goldman Sachs said.