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FxWirePro: Goldman Sachs buzzes gutsy move with Bitcoin futures, Counterparts sits mum

Whether it’s a steep slump or sharp spikes in bitcoin price movements, Goldman Sachs seems to be more bullish on the same, as the CEO and chairman Lloyd Blankfein speaking constructively of the technology.

"I have an open mind about these things (bitcoin and cryptocurrencies) because there are a lot of things that work really really well today that I thought was stupid and wrong. I have a much more open mind about this and I know a lot of history of finance and I pointed out that there was a time wherein people only took gold coins," he said.

Clearing Bitcoin futures in cash would usually be a risky venture, nonetheless, Goldman Sachs has agreed to take the front seat for settlement process for the freshly launched futures trading in cryptocurrency. While other counterparts from large investment banking trajectory, such as Citigroup and J.P. Morgan Chase&Co will not offer settlement for now.

Goldman Sachs would settle Bitcoin futures for selected clients, as per the reports of Reuters. Currently, the firm is already assisting customers with trading derivative products.

Goldman Sachs is "evaluating the specifications and risk attributes for the Bitcoin futures contracts as part of our standard due diligence process," Tiffany Galvin, the Goldman Sachs spokeswoman said. Interactive Brokers Group would be in need of 50% margins and "shorting" would not be allowed. 

It was stated back in earlier June also that the hedge funds clients have apparently appealed Goldman Sachs’ chief technician to instigate casing cryptocurrencies, majorly on account of the meager presentation of hedge funds.

And we kept reiterating that Goldman Sachs has been aggressively exploring blockchain technology for financial transactions and trade infrastructure. This investment banking giant foresees Bitcoin "Broadly Heavy.”

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