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Goldman Sachs Considers Cryptocurrencies As Business Risk

Feb 28, 2018 Posted /  4583 Views

Goldman Sachs Considers Cryptocurrencies As Business Risk

The Security and Exchange Commission (SEC) demands comprehensive summaries of all financial institutes about their annual financial performance. Goldman Sachs filed its annual report and mentioned “cryptocurrency” and “distributed ledger technology” in “risk factors” section as :

"We may be, or may become, exposed to risks related to distributed ledger technology through our facilitation of clients' activities involving financial products linked to distributed ledger technology, such as blockchain or cryptocurrencies, our investments in companies that seek to develop platforms based on distributed ledger technology, and the use of distributed ledger technology by third-party vendors, clients, counterparties, clearing houses and other financial intermediaries."

Bank of America (BOA) revealed its annual report last week and stated virtual tokens as competitive and compliance risk.

Goldman Sachs is an investor in payments startup circle as has recently invested in a crypto exchange, Poloniex. The investment bank is one of those financial institutes that lets its customers access to Bitcoin Future market.

Goldman Sachs highlighted risk on the front of cryptocurrencies in its reports, and this can be a reason behind organization deliberately maintaining distance from the virtual market.

In January, CEO Lloyd Blankfein cleared rumors that the investment bank is not going to launch a trading desk for Bitcoins.

"We're a prime broker, and so if our clients are going to do it, we're going to do it. A principal bitcoin business where we're going long and short, market making, so far we're not," - Lloyd Blankfein

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Tags: Goldman Cryptocurrencies Business Risk

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