Solomon To Become Goldman Sachs CEO This Year, Development In Cryptosphere Expected
David M. Solomon, currently working as President of Goldman Sachs, is set to replace the current CEO of the Wall Street giant, by the end of this year.
This move was quite unexpected as just this March Solomon was announced the sole President of Goldman Sachs. Nevertheless, this move has been well-received by the crypto community because of the interest the Wall Street giant and Solomon have expressed in furthering development of crypto products.
Earlier this year, the firm hired Justin Schmidt, a former digital currency trader, as its Vice President and head of digital asset markets in the firm’s security division. This was Goldman’s first move in digital current space that could potentially help its clients by giving them access to the new asset class.
Moreover, some reports released in December last year, indicated that Goldman is developing its own trading desk to deal with multiple digital currencies. According to the reports, the firm was aiming to launch its platform in summer this year (2018). Justin Schmidt said:
“In terms of having a trusted institutional player, it has been something I have been looking for in my own crypto trading — but it didn’t exist.”
As early as December of last year, Goldman had started offering Cboe and CME bitcoin futures to all its clients. As a middleman, the firm allows its clients to access bitcoin by placing an order for it in the bank, which is a member of crypto exchanges.
Despite all such moves, official reports released by the firm don’t offer much information. The current situation as described by the firm’s spokesperson is as follows:
“In response to client interest in various digital products, we are exploring how best to serve them in the space. At this point, we have not reached a conclusion on the scope of our digital asset offering.”