According to reports from CNBC and other media outlets, financial giant Goldman Sachs has apparently dropped its near-term plans to launch a cryptocurrency trading desk for its clients. The bank has been considering options to provide crypto trading services since at least late last year. Some analysts have already suggested that the news directly impacted prices in the cryptocurrency markets, which dropped sharply on Wednesday.
The CNBC report cited an article in Business Insider, which relied on unnamed “people familiar with the matter.” Those sources reportedly told BI that the bank is being cautious due to the “ambiguous” regulatory environment. They also suggested that the environment is not appropriate for a regulated institution like Goldman Sachs to become involved with cryptocurrency trading.
CNBC was unable to obtain confirmation. Instead, the bank repeated a previous public statement:
"In response to client interest in various digital products, we are exploring how best to serve them in the space. At this point, we have not reached a conclusion on the scope of our digital asset offering.”
That response is in keeping with the sources cited in Business Insider, who suggested that Goldman has not completely abandoned its interest in providing cryptocurrency services for its clientele. According to those sources, the firm is still looking at crypto custodian services for customers in the near-term.