One of the largest banks in the world, Goldman Sachs, announced that it is stopping the development of its platform for trading cryptocurrency due to a decrease in the level of customer interest in this direction. This news was one of the main reasons for the latest sharp market crash..
Goldman Sachs announced the start of work on the platform back in October 2017, and last month many even talked about speeding up the creation process. Regardless, representatives of the company said yesterday that they are constantly studying customer interest in various digital products and the best ways to serve them. However, at the moment they have not come to a unanimous decision to start activities related to the offering of virtual assets..
Experts believe that the main reason for stopping development is the lack of regulation of the crypto industry, which creates an ambiguity that the bank does not want to face. Nevertheless, the company will focus on other products related to the storage of virtual currencies that institutional investors are actively interested in..
Goldman CEO Says If Bitcoin Works, ‘We’ll Get to It’
Although Goldman Sachs did not completely abandon its plans, but only announced the freezing of the project due to internal uncertainty, the market took it very sharply. The rate of most cryptocurrencies began to fall rapidly, having lost 13 in price–25% for the last day. This news, together with previous SEC refusals, strongly influenced the restoration of positive market dynamics..
Although not everyone is positive about the prospect of launching an ETF on Bitcoin. Andreas Antonopoulos thinks it will do more harm than good digital gold.
text: Ivan Malichenko, photo: WSJ