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Goldman Sachs gives a backing to cryptocurrency


Goldman Sachs gives a backing to cryptocurrency

Goldman Sachs is all set to become the first regulated financial institution to offer its customers to trade Bitcoin futures through one of its New York desks.

The company is trying to enter the crypto futures market after it received feedback from its customers who were favoring the cryptocurrencies.

Cryptocurrency analyst Matthew Newton said that the move shouldn't come as a surprise as the digital currencies have grown to be popular among the people in past one year.

 "It should not come as a huge surprise to anyone who has been looking at the market of the cryptocurrencies over last eighteen months," he said.

"Any financial institution, planning growth in the future would understand the advantages of blockchain technology and accept its enormous potential."

Initially, the bank would be offering a trading desk for Bitcoin in a limited capability service.

He also said, "Despite all the speculations and the cynicism, the reality is that most of the banks have already invested significant amounts in the research and development into blockchain technology and cryptocurrencies themselves," he added.

Talking about the pros and cons of the digital currencies, he said, "It is a stern challenge because on one hand, there is the innovative side of it which can help transform the finance sector."

"But there is a possibility that the digital currencies are being used for some nefarious activities."

The cryptocurrency has seen its value rise by 8.2 per cent.