Goldman Sachs COO Says Company Looking At Offering New Crypto Derivatives
Goldman Sachs COO David Solomon has revealed that the iconic Wall Street investment bank is looking at adding new cryptocurrency derivatives trading products.
In an interview with Bloomberg TV in China on June 20, Solomon mentioned some of the company’s existed operations in the space, saying that Goldman was already “clearing some futures around Bitcoin,” but revealed that the company is “talking about doing some other activities there,” adding that “it’s going very cautiously.”
Responding to a question about digital currencies, Solomon said that Goldman must “evolve its business and adapt to the environment.” “We’re listening to our clients and trying to help our clients as they’re exploring those things too,” he added.
Citing people with knowledge of Goldman’s strategy, Bloomberg reported that “Goldman Sachs is setting up a trading desk to make markets in the products and aims to have the business running by the end of this month.”
Goldman generated $32 billion in revenue and earned $4.3 billion in profits in 2017. COO David Solomon is widely regarded as a favorite to replace Lloyd Blankfein as CEO of the company.