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On the one hand, traditional financial giants are gradually infiltrating, on the other hand, anti-Wall Street trends are spreading rapidly.
Written by: Mori Goro
Goldman Sachs recently revealed that it has entered the Bitcoin futures market. According to foreign media information, in addition to listing bitcoin futures trading on the Chicago Mercantile Exchange (CME), Goldman Sachs also provides bitcoin non-deliverable forward derivatives trading, and does not provide bitcoin Currency spot trading. Although there was no media disclosure, the derivatives transaction was Goldman Sachs’ first foray into the digital currency field.
The advance of Goldman Sachs means that the veteran financial giants are speeding up. Talents from Goldman Sachs are spread all over the world and will have a great influence on digital currency, blockchain and even CBDC projects in Europe, America and Japan.
Goldman Sachs restarts cryptocurrency trading team
According to foreign media sources, Goldman Sachs partner Rajesh Benkataramani revealed in an internal memo that he has formed a cryptocurrency trading team. The team is mainly responsible for buying and selling world currencies and various assets in emerging countries. The team was actually established in 2018, but somehow there has been no activity.
On March 11, as the digital currency investment market became active, coupled with the addition of large institutions and numerous capitals, Goldman Sachs was forced to reactivate the cryptocurrency trading team. Last week’s declaration also gave Goldman Sachs another step forward.
In fact, last month, Goldman Sachs internal memo stated that it plans to provide customers with Bitcoin and other digital asset investment tools in the second quarter. At that time, Goldman Sachs submitted an application to provide notes that may be linked to ETFs related to cryptocurrencies (especially Bitcoin). The documents submitted by the SEC show that Goldman Sachs plans to issue US$15.7 million in ETF-linked bonds.
The new U.S. SEC chairman is also from Goldman Sachs
Since Gary, the new chairman of the US SEC, took over, large institutions have taken more active actions. Gary’s affirmative attitude towards the digital currency market and announcing that he is actively implementing a regulatory layout, and major institutions are ready to step in. For details, please refer to the previous report of Liandede: Gary Gensler, Chairman of the US SEC: Public opinion analysis tools, call orders, and exchanges of large institutions should all be regulated
Just half a month ago, Morgan Stanley also announced that it would launch a Bitcoin investment fund to customers, becoming the first major U.S. bank to provide customers with Bitcoin funds; Citibank also stated in an interview with a reporter from the Financial Times that it is considering Enter the cryptocurrency trading and custody business; The Bank of New York Mellon, a major US financial company, has announced the launch of custody business.
However, according to a memo from Goldman Sachs, on May 7, Goldman Sachs launched a digital asset dashboard to provide customers with daily and daytime cryptocurrency market data and news. It happened to be used by investment analysis tools such as the public opinion analysis tool that Gary wanted to manage. It is estimated that further research is needed in the specific settings.
However, it should be noted that Goldman Sachs, as a top institution in the investment industry, has contacts scattered 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 shallow direct relationships, we look at the talent network of Goldman Sachs across the industry.
Galaxy Digital, which broke out in the cryptocurrency industry last week, acquired BitGo for $1 billion. You must know that the CEO of Galaxy Michael Novogratz is a former partner of Goldman Sachs. For details, please refer to the previous article of Chainde: The largest merger in the digital currency industry: Galaxy Digital will acquire BitGo for USD 1 billion. After the merger, the parent company Galaxy Digital stated that the company will undergo a major reorganization and return to the US market. Among them, the role of Goldman Sachs brand is self-evident.
Coinbase, the first digital currency stock in April, was also traded by Goldman Sachs. One of Coinbase’s co-founders is Fred Elsam from Goldman Sachs.
Although under the Trump regime, people from Goldman Sachs have been criticized for their unprecedented reuse, but the financial talents from Goldman Sachs are not only industry leaders, but also very strong network resources.
This is especially true in Japan.
The Goldman Sachs Department of Japan’s Digital Currency Exchange Market
Yuzo Kana, the founder of BitFlyer, a Japanese digital currency exchange, was also from Goldman Sachs. Therefore, when the field of digital currency trading in Japan was turned upside down in 2017, Yuzo Kana decisively turned around and went to the United States, successively established US branches, and also had a layout in Europe. For details, please refer to the previous article of Linkdede: Japan’s digital currency trading market reversed on the last day of the fiscal year, bitFlyer changed to 3 handsome in 3 years, and Line data leakage was investigated.
Matsumoto University of Monex Group, which is in the limelight, should be one of the early entrepreneurs from Goldman Sachs. After joining Goldman Sachs in 1990, he resigned and started his own business in 1999. In just one and a half years, Monex Group was listed on TOPEX Mothers and became the sixth company in the industry.
The moves of established financial institutions may lead to a series of new actions. In August last year, after Goldman Sachs appointed Mathew McDermott as the top person in charge of digital assets, he said in an interview with CNBC when he assumed his new position that in 5-10 years, all assets and liabilities will be built on the basis of blockchain technology, and He has doubled the number of undaunted people in Asia and Europe last year.
He also swept Oli Harris, head of digital asset strategy at JPMorgan Chase, a major competitor. Harris participated in the JPM Coin project. For details, please refer to the previous article on Link De: Visa’s entry into CBDC, PayPal, MasterCard followed closely, and JPMorgan Chase could not sit still.
The exchange of resources will rediscover the bloodbath of this complex digital currency market. It seems that it is a foregone conclusion. The participation of large institutions and the calls of famous people have made the originally mixed blockchain field, digital currency trading market, and central bank digital currency field even more uncertain. .
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