As per Bloomberg, Goldman Sachs Group Inc. has recently hired the crypto trading expert, Justin Schmidt, as head of digital asset markets. The primary goal is to push customers of the bank to gain exposure to the crypto market. Banks in Frankfurt 300×225 – Goldman Sachs Hires Cryptocurrency Trader Expert Justin Schmidt as Head of Digital Asset
Because of the rise of virtual currencies the last year, investors are beginning to diversify their portfolios with a specific end goal of gaining exposure in the markets. Be that as it may, some financial institutions like banks, are not prepared to offer customers the services they are requiring. That is the reason Goldman Sachs Group has chosen to hire Justin Schmidt.
Mr. Schmidt was working as Vice President at the securities division in New York. In the meantime, he also worked in the past at quantitative trading firms Seven Eight Capital LLC and WorldQuant LLC.
Since a few months, Goldman Sachs is endeavoring to offer diverse crypto-related investments to its customers. Without a doubt, the organization was the first to clear Bitcoin prospects offered by the Chicago Board Options Exchange (CBOE) and the Chicago Mercantile Exchange (CME). In the meantime, the organization had plans to begin a trading desk.
But there is an expanded interest for virtual currencies and Bitcoin. In any case, there is an issue, as a rule, it is complicated for institutional and traditional investors to find regulated exchanges and or financial institutions that offer crypto-related investments.
And, this is the reason why Goldman Sachs is putting resources into experts that will enable the bank to build its crypto-related offers to its customers.
Tiffany Galvin-Cohen, Bank Spokeswomen remarked:
“In response to client interest in various digital products, we are exploring how best to serve them in the space. We have not reached a conclusion on the scope of our digital asset offering.”
Banks will need to adapt to this new market if they want to keep attracting investors and clients.