Top financial analysts have over time predicted that Wall Street will be on the frontline in terms of supporting digital assets. To bring the predictions closer to reality, one of the top financial institution, Goldman Sachs, has sought the services of an expert in digital assets. Justin Schmidt, the Crypto expert hired by Goldman Sachs, has occupied a major position in the securities division.
Justin, who has a computer science degree from Massachusetts Institute of Technology, previously held the position in WorldQuant LLC and Seven Eight Capital LLC. As a vice president, Justin will be the “head of digital asset markets to help clients gain exposure to cryptocurrencies.”
By the end of last year, Goldman Sachs has been contemplating on starting a cryptocurrency trading desk. Tiffany Galvin-Cohen, spokeswoman, Goldman Sachs, was quoted saying ‘’ in response to client interest in various digital products, we are exploring how best to serve them in the space”
Martin Chavez, CFO, Goldman Sachs, issued similar sentiments sometime back saying:
“Well, we’re in that business for client facilitation… and so we respond to those client requests, and we have. And we’re in also the business of being careful with our shareholders’ capital, and so we’re doing that with extreme prudence and caution as we learn “
Goldman Sachs has over the time helped clients who are looking into entering or expanding in the crypto market. As reported by Bloomberg, the financial institution was one of the largest in Wall Street to commence clearing Cboe and CME Bitcoin futures.
Galvin-Cohen also admitted that they have not yet set the scope on cryptocurrency offering. In December last year, Goldman Sachs had promised to look into client’s interests in cryptocurrency by June this year. The crypto expert hired by Goldman Sachs brings this promise to reality even before the June date.
With a Crypto expert hired by Goldman Sachs, do you think other leading financial institutions will follow the steps and revisit the crypto topic?
Let us know in the comments section below.